Ann: Armour Energy to Receive $6m in Gap Grant Funding, page-20

BDO put the Kincora OPEX at $15mil when they did the Westside Takeover defence valuation.
This would leave $5mil for corporate/funding costs to come out.

I think historically corporate costs were around $3mil and I have no idea on the funding costs as yet until we see a new quarterly what the funding costs/interest expenses are sitting at to estimate? I imagine a bit still.

Based on the above this would leave minimal free cashflow, however the latest announcement does say they 'EXPECT' to be cashflow positive from operations...

Read into this what you will. The fact is we are producing which is great, a lot better than being another exploration play on the market. With the extra capacity available at Kincora being the secret sauce to the cash pump recipe. Just need to make sure we do not spend more proving up production than what we are generating in gross profit earned from customer invoices... easier said than done maybe?

Overall I like where we are heading. Enjoy your weekend everyone!