My take on the Oct2013 Presentation waterfall chart which I previously said had a good cash flow and I still maintain.
This is a budget for 18 months (1st July 2013 to 31st Dec 2014.
Amounts are A$MM (exchange rate US$.88)
SOURCE OF FUNDS
Cash on hand..........18.60
Loan........................31.00
Sale SC54/14A,B...... 3.00
Galoc Production.......67.00
TOTAL..................................$119.60
APPLICATION OF FUNDS
Galoc Phase 11........44.00
W.Linapacan FEED.....1.50
Indo Farm-in..............11.50
SC63 Baragatan..........2.00
Gen& Admin..............10.00
Other Sundries............5.00
TOTAL..................................$ 74.00
NET CASH AS AT 31ST DECEMBER 2014......$45.6
ASSUMPTIONS
OIL PRODUCTION
$57/bbl net (see Otto/Hartley Feb2014)
Actual Prod to last qtr
.............................217,153bbl
Next 4 quarters
2,700bbl x 355days.958,500bbl
LOAN
10% Interest over life
Total to be repaid by 31st Dec 2015 $38
This budgeted period $22.8
Don't get too excited about the surplus.Some things to consider :
- $15.2mm loan still outstanding
- West Linapacan long lead items etc
- Drill budgets,on time/within budget ???
- Our big boy partners putting the hard word on us.
- Baragatan 5% extra equity
- Your comments welcome
(No "free cash" for dividends)
What does this all mean ? Does not look like a CR for the medium term plans. We are totally dependent on Galoc performance.
My opinion (NDO chief financial officer might be amused)
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