Would be so hard on yourself Mupple - IMO this is not a bad thing given where MAD is today.
Was it obvious though? Hindsight helps but consider:
a. Cash at end Dec Qtr $8.877M b. Net Cash added during Qtr $1.012M c. Expect Cash Outflow next Qtr $8.045M
All above from Dec Qtrly.
Now this isn't reported via ASX...
Jan production is 25,955 bblo MAD "Netback" is in excess of $50/bblo (may be getting closer to $60 even), but lets use $50.
So Jan adds $1.25M approx and speculate that Feb and Mar do roughly the same.
That creates a cash exit for next Qtr of about $5M. Then what would they spend the next Qtr?? That may be where the "obvious" was coming from - I don't know though.
These guys are in develpment mode - which means they will not stop spending capital anytime soon. The IRR they are getting on their capital spend is enviable.
It's a good thing IMO.
FDM Price at posting:
73.0¢ Sentiment: LT Buy Disclosure: Held