lets not get too carried away by their cash backing at the moment because after their 60m capital raising in october, coe's cash reserves were quoted by the company to be up to 90 million.
The capital raised will be used to drill the well in the Hammamet Permit in Tunisia, the Gurame-1X gas appraisal well in Indonesia and ongoing work activities and
commitments across the portfolio.
Weve seen how quick 90 million can turn to 65 million in the space of a few months and after Gurame, cash on hand could be about 60 million or less.
Cash is king though, so COE are in a great position.
gurame1 plugged and abandoned, page-24
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