Don't forget when working out how much cash they will have to drill new wells you need to allow for overheads.
Last year they spent approx $8M on Admin, Finance, consultancy and Misc.
You could argue some of this is one off costs but I always assume one off costs generally occur again and again.
I was going to buy back into the stock until I saw the Dec Actuals but will hold off for now as I think the overheads are currently too high.
report numbers , page-8
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