I think you are all correct, from an oil an gas accounting point of view.

However, about a year ago, there was a nice blue and purple graph included in Connacher's presentations, which showed that expenses would be much greater than cash flow till well after POD2 would come on line 

Then Connacher would generate a wall of cash as the high level of expenses are reduced.

 Now to find the graph?

Best Wishes,

Lynn