So just had a quick look at BPTs quarterly. PEL 91 and PEL 106...

So just had a quick look at BPTs quarterly.

PEL 91 and PEL 106 are the only highlights in their report (and inherently, the only bright spot in their asset play)
Whilst production has slowed in PEL 91, that is only because of natural field decline and timing delays in bringing on more wells. For the forseable future, PEL 91 will be able to sustain high rates because of increases in the 2P reserves, plus bringing on all the currently unconnected fields.

I think what is more surprising is the huge cash burn during the quarter. Their cash balance fell by $80 million. Plus, because the paid out the convertible notes, they now have debt of $150 million, and cash of $165 million. So basically now just sitting on a neutral cash position. This is a huge change from late last year where they were sitting on more than $400 million and had a positive net debt of $250 million.

I know I keep banging on about it. But BPT need DLS cash cow assets in the Western Flank.

Going by the numbers in the Quarterly, at a guess, DLS will have burnt a little cash, but nothing compared to BPT.