has to find 35 million euro in two years, page-18

Inhereted annual production is 1.5PJ per annum - about 422786 Mwh.

There is little reason to say this is not achievable again. The sept quarter was 34,488mwh and lets assume next June quarter will also produce at similar rates (59,190 MWh). That means, assuming that is produces at historical rates, we should get 329108 mwh over the next 5 months (Eurepean winter). assuming prices don't rise (25 euro/mwh), that should see cash flows of around Euro 8.2million. Production costs, which have total Euro 2.3 over the last 6 months will probably remain stable. Even if we assume production costs increase by 50% over the next 6 months - that will a net inflow of approx Euro 5 million. Of course, that assume production progresses a historical annual average...and I don't see why it would given company announcements clearly state seasonal variation is normal. We might even see high gas prices if Putin is naughty. So we should see some real revenue coming through in the next 6 month (I hope). The exploration costs will hopefully taper off too, given the bulk of the work at Saint Lorraine and the assessment of production expansion potential at Gazonor is probably finished. In the December and March quarters, even after exploration costs, we might be cash flow positive.

The funding situation is getting a bit of a worry for sure, but just reading the recent quarterlies paints a much bleaker picture than reality. In the next couple of momths, we will hopefully see some flow rates from Saint Lorraine and results for workover potential at Gazonor. That will hopefully give the price a spike. If not, I would be concentrating all the efforts on maximising production from Gazanor using existing cashflows and riding out the financial storm.