My point is this on the AUT exemplar that you raised:06/02/12...

My point is this on the AUT exemplar that you raised:

06/02/12 $US200 million debt raising

16/05/12 $A120 million equity raising

26/07/12 $US165 million debt raising

Amount raised about $US500 million - their cash balance at 30 September 2013 was $23 million [AUT presentation 14/01/13]. With the $150 million cash drawdown available [more debt] gave AUT a liquidity of $173 million.

Nothing pro or con AUT operations but it does illustrate that oil companies can spend large amounts of cash developing operations even when producing and this is raised by equity/debt.

So as per your own prescription of factual disclosure do not imply that MAD is an odd case in raising money to develop operations.