My first thought, $5.8m in the bank end of Sept Qtr. $4.1m in the bank end of Dec Qtr . $1.7m spend for the quarter. Only two and a bit Qtr's left before cash runs out at that rate.
Where do we get more cash besides a CR?
Cuba needs to ratify our farm in partner quick smart. Then we get cash for their share of back costs. probably not a lot but will keep the vultures at bay for a while.
A fire sale of one of MEO's other assets.
I personally wouldn't like to see 488 or 454 sold off as for mine, they are the real potential money makers, and with a turnaround in the POO I expect 488 will attract a farminee pretty quickly. It is after all, a huge prospect at 927 mmbls. There again, a cash sale of either would secure funding for the other but I would sooner see us lose something else.
Tassie Shoels may once again become attractive should oil prices rise significantly but just how long will that take. MEO could be in the grave by then.
NZ wouldn't bring us much cash but enough to keep us going for a while longer.
Clearly the BOD don't want to offload Cuba Block 9 as they clearly see that as MEO's future.(hopefully)
Perhaps a fire sale of the Vulcan assets, but how much would that bring us in this financial climate. Indeed would anyone take them at present?
All a bit negative i'm afraid, but it seems to me the BOD don't have much wriggle room before making a decision on attracting new funds. Sitting tight and cutting costs while waiting and hoping for eventualities isn't really an option any more in my view. The cash balance is dwindling rapidly Qtr on Qtr and soon will become critical .
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