Cash is $5.2m at May and last quarterly estimated cash to be at $3m at 30 June. So 2 x fracs, clean up and flow testing commences next quarter - it just does not appear to be clear if cost of 2 x fracs will be paid with $3m forecast for 30 jun or $5 2m cash as at may. If the latter ok but if the former than cash reserves will be very low come 30 sep...
Estimated cash position at 30 Sep will be known when next quarterly is released next month...
That aside, RLE looks very good.
Adl
RLE Price at posting:
9.6¢ Sentiment: Buy Disclosure: Not Held
