yep, cards are on the table now. 2011 calendar year cashburn to look something like this.
- small contribution towards the IFE RRI
- intention shown to sell off remaining rights. (cash in)
- small (1-3mill) budget available for drilling T.D.
- small allocation towards O/S project investigation
So the main theme will still be the W.H. project, however management are providing themselves with a modest exploration budget for T.D. I would imagine they would of liked to fund 2011 T.D. Expl via free carry cashflows, but we are a year behind schedule, so they needed to raise some funds to facilitate this program.
Only other possible scenario here is that TRF does their own RRI to raise addition funds towards their IFE entitlement. I doubt it, but it is possible.
cheers split
TRF Price at posting:
41.5¢ Sentiment: None Disclosure: Not Held
