prospectus , page-59

Bleasby,

Ok, I’m keen to learn how to break down that analysis you mentioned into manageable bits, but keep in mind I am not a bean counter so I wouldn’t know a bean from a counter. So to start, I have taken the projected cash outflows for this quarter from the July quarterly report, as follows:

Estimated cash outflows for next quarter: $A’000
4.1 Exploration and evaluation 100
4.2 Development 2,000
4.3 Production 23,664
4.4 Administration 4,800
Total 30,564

Then I would assume that we attempt to estimate our earnings based on 3 ships sent in July/August and 2 each month thereafter, less two for Murphy’s influence – say 14 Handymaxes. I know that ST probably knows without me digging through past reports on how much we would make from a Handymax if we assume a reasonable discount from the spot rate.

Then I assume that we subtract cash outflows from earnings? Definitely no bells and whistles there!! How are we doing?