from what i know they are sitting on $10.6m, plus whatever they have left (if anything) from the darwin drawdown
Spantrout, this was from their last quarterly to end of June
Cash on Hand: $7.4mill
Expected Cash Outflow for next quarter: $6.1mill
So to end of September, $1.3mill left. I noticed they drew down another $2.1mill in July so $3.4mill. It's now end of October another month on. I suspect with the longer than expected drilling and cleanup time that expected cash outflow may have ballooned a bit. I am pretty certain they'll need more cash very soon. Whether that's via another drawdown or via a standard placement I don't know but either way it's going to cause some decent dilution now with the share price so low.
Maybe I am wrong, maybe it is being manipulated down but for what purpose? The 77H results weren't as positive as expected and lots of money is needed for the next well foray.
OEX Price at posting:
6.0¢ Sentiment: None Disclosure: Held
