Cash on hand

So they should have about $1.4m in the bank at the end of the quarter (ignore JV money as it will go into paying for drilling)

We can rule out a Lochinvar drill program, at $1.2m it would be irresponsible to spend money on this. If Redmoor results are amazing we can raise money at a higher price and continue to fund NAE’s 50% share of the costs but if Redmoor results are average but encouraging, then the $1.4m will need to go to Redmoor.

So Lochinvar is parked until a partner comes along (chances are slim) and NZ has yet to come up with any promising signs. So do they spend a bit of money kicking some more rocks around in NZ? Any results are unlikely to be meaningful and more money will be required anyway if they do come up with drill targets.

So unless Redmoor delivers it seems to me they need to look for a new project in order to raise some money.