We have seen some large sell orders go through in the last few days, but if CO and the bod do what they say and try to return cash / value back to the shareholders then shouldn't we be selling the 8m shares held in treasury back to the markets and bolster our cash pot.
As at 24 March 2017, the Group had circa $90 million cash and no debt. Under the terms of the Etinde farm-out transaction that completed in March 2015 the Group also has access to a $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde including testing (or cash alternative in 2020). This deferred consideration is recognised as a current asset on the Group balance sheet at 31 December 2016. In addition, a further $25 million is receivable on achieving Etinde FID and is held as a contingent asset pending further clarity around Etinde project sanction/FID.
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