Cmon, I was pleased with both our numbers and whilst we were different initially I adjusted some of mine in line with yours and was pretty close overall in the end. Differences are good & I appreciate the feedback which has helped iron out the logic. re gas - I used the gas revenue from the March quarter as the base and then balanced in the oil number by subtracting the gas number from total receipts, it's not quite right but gas income is not large so a small difference.
I agree the cash LOE is the important one to watch, we will probably need June/Sept to have some confidence but the June forecast looks consistent with March and may offer a clue as to the planned production number if the rate/boe is consistent.
On the EBITDAX I don't think it is very insightful for benchmarking because it excludes interest and the companies with high debt are excluding a major cost that has to be paid. Depreciation doesn't matter imo because the monies already gone but ultimately all the things that effect cash are what I am interested in, that is why I see no urgency to drill as if these numbers are close any improvement in OP will generate positive cash. Having said that the EBITDAX is important for the Bank covenant which is a different and company specific issue.
Cheers
SSN Price at posting:
0.8¢ Sentiment: Hold Disclosure: Held
