CASH MANAGEMENT DASHBOARD
13-week cash forecast · scenario analysis · liquidity monitoring
Opening Balance
£76k
As at 31 Dec 2024
Monthly Burn
£55k
Avg opex + G&A
Runway
1.4 mo
Insolvency: Feb 2025
3-Mo Threshold
£165k
BELOW MINIMUM
Unfunded Total
£2.56m
Fynn + Elke + opex
13-WEEK CASH FORECAST
No new funding scenario — weekly closing balance
Source: Orcadian management accounts Dec 2024
STASCO Loan — Shell Senior Debt
$1,000,000 loan from Shell Trading International (STASCO), secured against all company assets. Includes crude oil offtake agreement for Pilot production. Shell consent required for disposal of any licence interest.
Security
All company assets
Offtake
Pilot crude → Shell
Consent
Any licence disposal
Note: Loan transferred to IPC via Earlham farm-in arrangement. Shell effectively a senior creditor — constrains marketing and farm-out flexibility.
FUNDING SCENARIOS
Continue current burn with no new funding
Company unable to meet obligations. Risk of JOA defaults, licence relinquishment.
Small placing at ~1p/share, similar to recent raises
Buys time but doesn't fund Fynn or Elke obligations
Larger placing or institutional round
Funds operations + Fynn Phase A net obligation. Still short for Elke seismic.
Farm out 50-75% of P2482 Elke for carry on seismic commitment
Removes largest unfunded commitment. Retains 25-50% upside.
Relinquish P2634 Fynn to avoid £530k Phase A obligation
Loses exposure to 960 MMbbl STOIIP. Saves cash. Simplifies portfolio.
Farm-out Elke + relinquish Fynn + small equity raise £300k
Focused portfolio: Pilot (carried) + Earlham (MLCP). Clean story for investors.
MONTHLY CASH WATERFALL
Where the £55k/month goes