JohnnyBoy, Gassed seems to think my maths is bad, but I think its better than yours:
They obtained a net $1.6M from last quarter's placement.
They paid $0.2M non-refundable deposit on the new acreage by Dec 31st.
The Dec 4C shows $1.5M cash.
The balance on the new acreage is AU$2.5M (price was US$2M = AU$2.7M less AU$0.2M deposit).
They raised a net $1.4M from the PO.
So current cash is AU$1.5M end of December cash + net AU$1.4M from PO = AU$2.9M
After the balance of the acquisition is paid (AU$2.5M) they have left $0.4M for working capital. They have $0.4M in staff and admin costs, so that covers them till the end of March with no money for drilling.
They will be back for more cash soon...
Cheers, Sharks.
PS: Sorry, I forgot to add the $4,000 in quarterly production revenue, so they have $404K, enough for staff, admin & tea & coffee for the quarter
