Gidday,
Attaching some Mar-19 quarterly projections and what they may look like below. Most of the costs are provided in the Dec-18 quarterly, but have also presented some assumptions for revenue.
I'm seeing the following:
- Cash receipts of c. $22.1m : This includes NT sales of $9.0m, take or pay of $5.4m and NGP contribution of $7.7m ($11.6m revenue less $3.9m unwind of liabilities). Projected revenue would be $22.1m + $3.9m = $26.0m
- Production costs increased by $3.2m, implying c. $1.50 per GJ marginal costs of production.
- Repayment of borrowings of $3.9m, as indicated in the quarterly.
- Net cash outflow of c. $6.2m in the quarter. Adjusting for the large PPE investment of $10.9m and adding back debt repayments of $2.2m it indicates a normalised net debt reduction of $6.9m.
Interested in comments - obviously assumes steady run rate of revenue whereas in effect, it was ramping in the period. I wouldn't be surprised if it was slightly lower below...but would be pleasantly surprised if higher considering I have used a high ex-field price (IMO).
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