receipts, page-8

As I understand it ASX companies are audited independently every year

Things like cash in the bank and earnings are checked thoroughly and independently

Thus I think it is beyond reasonable doubt to take as fact that
1. OTE has $2million in the bank
2. OTE is currently earning at 22 bopd. Which at current prices is equivalent of $US700,000 per year
3. OTE has upside. Mainly Commanche is a potential big upside. There is also Charro, Avalanche and other wells eg stagecoach. There is a good chance of short term upside, OTE has a better than average chance of earning 50 bopd by years end, which would mean $US1.5million revenue per year. There is also longer term upside to increase revenue to tens of millions if Commanche comes off.

In my books a company with $2m in the bank and current earnings of $700K / year and upside is a good deal for a $2m dollar market cap.

Market is negative now but real earnings will eventually talk.

Is anything I have said incorrect

Rumot