cash flowBase on the consolitad financials statement 30 march 2010, centric had 2 196 000$ in bank. Plus the exercice of warrants = 18 750 000 * 0,12 = 2 250 000$
Total cash : 4 500 000 $ + cash from tullow 350 000$ = 4 850 000$
Pursuant to the Letter Agreement, Tullow will earn a 50 percent participating interest in the PSC and will assume operatorship in return for:
- Reimbursing 50 percent of Centric Energy’s acquisition costs for the PSC which total approximately $750,000.
- Paying 80 percent of the first US$30 million of expenditures under the PSC.
- Assuming 80 percent of the bank guarantees and parent company guarantees during the period in which it is paying 80 percent of the expenditures under the PSC.
20% of 30 millions = 6 000 000 $
they have 5 millions in bank
Sound good to me. They are smart administrator