Ann: Investor Presentation , page-13

The company has some US$36 million in capex related debt to pay off. It nets US$5 million a tanker load after royalties and production costs but not sure if that is after tax and company overheads.

Lets assume it isn't so lop off another $1 million per tanker load. So net proceeds after tax from 11 shipments in 2014 looks like being US$44 million. Each cargo has 100,000 bbl net to OEL so netback looks like being at most US$40 a barrel.

You wonder why they are so coy about putting revenue numbers in their presentations. The numbers are't mind blowing, good even verging on very good and a ship load better than any Aussie junior in a US shale play.So why not be upfront about foreshadowed revenues and profits?

What worries me is this African adventure which has the potential to take their eyes off the proven Philippines play. Kind of reminds me of Mike Scott at Cooper Energy looking for that ego boosting big discovery in Tunisia and Romania when all along the Cooper Basin had far more potential than he thought it had. Cost Mike his job!

This so called emerging hydrocarbon province in Tanzania has a long way to go before it lives up to that description. Hope it does for shareholders sake. The investor presentation last week appears to have had no impact whatsoever.