Pls pay attention: Bank debt to ~0 by Q1 and building cashLook at P8 presentation. Price deck is slightly higher, yes, but production is also higher and revenues are now 92% coming from liquids.
Bank debt Q2 was $ 42 (is now actually ~ $ 37, I checked, because Q3 is mostly done):
- Q1 2025 Net Debt is $ 133 mln so $ 172 mln (Q2) - $ 133 mln = $ 39 mln down or basically bank debt erased -> $ 110 mln Room
- Then cash will get Build: $ 133 - $ 109 = $ 24 mln Cash by end sept '25
- In Oct. dip into $ 30 mln bank debt and the $ 54 mln debenture is gone
- Left over $ 110 mln - $ 30 mln = $ 80 mln bank credit line
- Now add credit potential of CL & MNT = Bigger credit line
See?
Only a price crash can stop this and that's still partly negated by hedges.
R.