Lionel,I expect the cash outlays per quarter for Exco will...

Lionel,

I expect the cash outlays per quarter for Exco will increase substantially as production subsides from White Dam.
Any White Dam extensions will likely come at a significantly higher cost of production.
Exco's exploration and administration costs still seem to reflect an enterprise with over $230m on deposit.
IVA was smart in insisting that Exco handed over extra cash to shareholders.
I feel that it was determined to keep Exco as its poor relation toiling hard in the field and did not want Exco to place too large a footprint on "its" patch.
In my opinion, this was the reason why MA bid the company farewell.