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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.