But DW said..., page-8

all ballpark figures and IMO

if 4 days over schedule (remember it spudded later than the original proposed mid June date so I can accept that, although that assumes that TMA wasn't meant to be funded at all in the drill cost budget of $73m - does anyone know if this is the case?), then that many days would be less than 10% of the total drill timetable.

But using a conservative 10% cost overrun of the USD$73m budget (which already had a contingency amount in it), gives TPT a 1/3 share of $7.3m = $2.4m additional costs.

So in summary (all in USD):
$33m free carry
$73m budgeted cost + 10% additional overrun (again I can't see how it can be more that this given there would be a contingency reserve included and if the overrun is 4 days) = $80.3m
TPT 1/3 of $80.3-$33 = $15.8m
less $7.5m already held by Galp
= $8.3m TPT to pay

TPT quarterly at 30/6 = A$14.6m = USD$13.5m
$13.5-$8.3 = USD$5.2 remaining (less operational costs in the current quarter which is budgeted in the quarterly cash-flow as being A$9.4m (USD$8.7m) although the majority of this should be what was expected to bring the payments up to TPT's share of the budgeted USD$73m being USD73-33=40m/3=13.33-7.5held by Galp=USD$5.83m - so $2.9m for other operational costs

So I think that at the end of this quarter TPT should have USD$5.2-$2.9 = $2.3m (if there is an additional cost overrun of 10% above the budgeted well costs)

= A$2.5m = $0.01cps cash backing at 30/9

I seriously hope that there has not been an overrun of the $73m budget and I'd love to know what sort of contingency figure was included in that figure.

The whole drill has been badly handled by Galp if that is the case.