maybe I am being too cynical. in the address to s/h, we get the...

maybe I am being too cynical.
in the address to s/h, we get the positive spin that Sxy has "$175m of Liquidity"
so imho, SXY gets its internal cash flow from oil revenue.
that oil revenue is derived from its assets in C/B.

there is no revenue from gas assets
the Qld Surat Basin gas assets are non-revenue producing.

so that $175m number for "liquidity" is stated to comprise"
$80m undrawn debt facility (for general working capital purposes)
$42m cash to come for GLNG Surat asset and GSA deal
$53m cash.

now as I understand it of that $175m "liquidity":
- the $42m is conditional that it is spent on Qld Surat Basin project only
- of the $53m cash, $20m is still quarantined to be spent on QGC J/V asset swap rehabilitation program (refer page 92 A/R)
- the $80m is DEBT !


so of that cash of $42m + $53m, $62m is quarantined (or cannot be used for general purposes).
so only $33m is available to support the cash flow generating oil business in C/B.

imho there is a big difference between liquidity and debt.
liquidity to me is excess cashflow generated from continuing operations.
debt is a fall back position - not a sign being "flush with funds".
a debt facility for an industrial company generating continuing, growing predictable earnings is different to that of an O&G coy generating its cash flow from a declining reserve base, with uncertain replacement ability, in a commodity fraught with uncertain pricing.

just back of the envelope thoughts.
I still think the Qld GLNG is a good deal for SXY.
But the gas business is very much years away.
Notice how we heard Zero about the C/B gas business ???? !!!!