latest valuation 25c, page-15

When SC55 was delayed, the share price crashed, when BHP exited we took another 25% + hit.
Now a very lucrative settlement with BHP is close, there has been no rerating. The $3 + $24.5m + 3D seismic will enable us to negotiate far better terms than we had with BHP. The lease may be in doubt, however the Government wants this drilled & the quickest way is by Otto, who have a good track record in the pines + BHP's cash + the seismic.

As for cash flow from Galoc, the production has gone from 4500mmbl/d to 12,000. What has to be remembered is the costs of the FPSO etc are fixed, so this is cream.
Also under the Phillippine revenue sharing (tax) 70% of gross oil revenue can be used to pay off the $62m+ we spent on phase 2. Previously we would have been paying 40% tax on this revenue.

Bottom line, expect the net revenue to go up more than the 2.6 times the production was increased by.