Money mine mention, page-87

Strike’s strategy is to go hard on Walyering & Ocean Hill. They’ve updated their EP to include WAY8, WAY9, & WAY10, with the prospective drill campaign to commence in Oct/Nov. That’s $10m per well for a $30m total spend. Let’s say $40m if we include OH-2. All of this can be funded from Walyering cash flows over a 6 month time horizon. By this time next year, we could have 6 Walyering wells, 200 PJ in 2P Reserves, a $1bn gas field, production @ 40+ TJ/d, free cash flow in excess of $10m per month, & an OH discovery. This will more than rehabilitate our fortunes.

Drilling costs that remain in the current campaign (I.e W7, ED-1 & Booth) are approx $25m according to Stu in the latest Webinar. That’s covered by cash on hand. Debt fund WE & SE entirely. If SE is problematic, do a deal with Hancock, MIN, Beach, or defer it, but a capital raise is out of the question. I’ve been in this since the share registry had 800m issued shares with a not insignificant holding. Now it’s nearing 3bn and the share price is not even a double, and left to languish at a huge undervaluation. A raise at these levels would be ruinous and rumble long term loyal holders like myself. If they raise, we riot.

I anticipate an opportunistic takeover anyway so none of this really matters.