nachan, thanks for that. I had also called nathan with the same...

nachan,

thanks for that. I had also called nathan with the same response so was wanted that cleared up again based on the comments in the BRR.

hi bignote,

i calculate the 470k est. as gross not net. I am not sure how much of this they will net (looking forward to the annual report) and how much of this they need for the ongoing analysis of FP1. point 3 of the SPP stated they needed cash for 'general ongoing costs'. this matches that fact they only have 400k of equivalent cash left. when i spoke to nathan earlier this week it was clear they are looking at funding elsewhere (refer investor preso). Of course a debt facility would be preferred as a SH but i just think the amount required will exceed what they could borrow at present.

if FP1 flowrate can improve significantly then all this may change.

i am quite bullish on this company mid-term but just at the moment the unknown on capital requirements and how they will fund it combined with the fact there is nothing really exciting to be reported for a few weeks i expect short term for the SP to drag along.