cash position

Just running some back of the envelope sums about the current cash position of MEO. After reviewing the current quarter expenses, this probably adds to why a few people are nervous about jumping on board before concrete results are obtained:

I’ve made the following assumptions:

- Gurame SE-1X was handed over on the 18/9, and must have at least 2 weeks left to run. Hence assumed approx 77 days drilling;

- MEO forecast $25m drill for a 35 day period – assumed similar costing model looking forward (i.e. 25/35*77 = $714k per day);

- Thailand - assumed 60% of expenses up to $5m, then 50% up to $8m;

- Used MEO forecast of admin expenses for current quarter;