Sep QTR Financials, page-10

The deeper wells are expensive and drilling at current Oil & Gas prices would make the risk/return unfavourable and compromise the long term goal of developing the prospects imo . To attract a good partner and deal for a Napville JV we need to keep our balance sheet in good condition and for years now that is what has been done.

I expect @monark your numbers will be close and probably Dec qtr will be similar which maybe gives opportunity to purchase some more undervalued acreage where someone else has run out of money like most junior oilers have today. Hopefully we keep the cash around $2m for a rainy day. Our US leases are all held by production, the 2 Napville ones pay the bills so we can keep this up for sometime until O&G sentiment improves.

Costs are low as are the salaries compared to peers so as boring as things are we have a good foundation because we are generating cash which can be managed and targeted to slowly reinvest for the future.

Personally I think this is due to good long term planning and there are not many junior companies that have achieved that over the past few years. Most have gone bust or struggling with debt, massive dilution or changed business to spin the same stories in a new market. The joys of the ASX.
Bw