exco quarterly reports ..., page-5

My apologies, it was $3.2m, I was looking at the budgeted exploration for the current quarter sorry.

Admin costs do look high - there must be a reason for this as it does look like a one-off. It might have something to do with deferred costs from the CCP sale maybe?

4% yield for a year isn't too far off current cash rates given most of it will be at call.

"no significant results" - I think you are being overly negative here. Most results are due in the current quarter. They are approaching the whole exploration on a systematic basis, i.e. testing a large amount of areas, waiting for results, identifying priority targets, re-testing those targets etc etc. We are only in the first quarter of this strategy.