Cash balance will be down below $45m by the end of the quarter, but this shouldn't matter if results are good from Gibb-Maitland. But yeah, cash outflow isn't looking good. Considering CoP is fronting up $13m and they already expended an extra $6m on infrastructure (according to last quarterly forecast), add in another $10m and you have a $30m well. That's outrageous. Australian labour rates are crazy and will stifle investment...
I don't necessarily think they were disenhartened by the productivity on Gibb-Maitland...if anything they were more upbeat. A lot of words like "favourable", "encouraging", "richer TOC".
NSE Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
