Hi PJ you would need to speak to management on that one unless you can find a copy of the agreement but in my experience payment is on a well by well basis. Management have stated that they don't need cash untill the end of this year which means they have enough cash for the first two wells at least trouble free.
IMO they will raise after the results of SNE 2 but the jury is out on that but they certainly have enough cash to not need to raise untill then as it stands now, I think the Quarterly will show around $Au 30- 32 Mil and they have raised another $Au 3.9Mil since then from option convertion , so all up somewhere around $ Au 34- 36 Mil all up .
The budget for the 3 wells plus mobilisation and 3D is expected to be around $Au 51Mil net to FAR, going by CNE's budget, so at some stage we would need to raise another $15Mil for the first round.
Cheers Whisky
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