His capex looks wrong to me, capex is like $4m each (their share) for Merreenie ~$8m and say they do another Palm Valley well, that's say another $20m total, so 50% share $10m. $18m all up.
Those wells should get you to c$55m of revenue assuming 5TJ/day from new Mereenie and 6.5 from new Palm Valley.
So not sure what the other $23m is for and what revenue it is generating ? Also makes the cashflow profile look sht which it shouldn't be unless they go spanking cash on exploration, which they've said they won't ....
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