RE: Lunn is the best9 Jan 2025 10:30
The Group's borrowings at 31 March 2023 were $4,018,369 (2021: $4,256,262). In addition, as reported in the prior year, the repayment date for the loan facility with Petroquest Energy Limited was extended a further year to 31 December 2024.
The Group had cash balances at 31 March 2023 of $46,792 (2021: $1,828) and short-term investments of $82,224 (2021: $34,914). The year-on-year movement in cash and short-term investments was primarily a result of cash raised from equity issues less cash used in operating activities and development expenditure.
As at 31 March 2023, the Group had $878,000 (2021 $878,000) still available to draw under its loan facility of $5m with Petroquest Energy Limited.