Ann: Investor Presentation , page-14

JPL,

A bit of info for you to work from.

Royalties: None

Income Tax rate: 32% - paid out of Government share.

Cost Oil / Gas Cost oil Limit: 70% of gross income. Capital expenditures depreciated over 5 to 10 years. Shallow water (<200m 60% cost oil, 7.5% of gross proceeds where the operator allows at least a 30% participation by Filipino companies.

Profit Oil / Gas: Profit oil share to government: 60%. There is Filipino Participation Allowance of up to 7.5% of gross proceeds where the operator allows at least a 15% participation by Filipino companies.

Under the terms of the PSC agreement, operators can recover costs from up to 70% of the gross production (depending on water depth) with unrecovered costs carried forward. As with most PSC contracts, there are no profit taxes to pay as the Government’s take of up to 60% includes tax allowances.

On BRR this morning, Phil Byrne (CEO of NDO) stated NDO will have around $50M net free cash flow from it's Galoc production for 2014.

Dead right about zero response to the latest OEL presentation.
Imo, the market is waiting for a drilling schedule. It wants to know when something (exploration) is going to be drilled...it wants a date.

The last exploration drilling from this co. to reach TD was in Turkey in early 2010...a little gas well.
In 2009 they had expl. wells in Turkey, Argentina, and Italy...there'll be holders now that have never seen this co. drill an expl. well to TD.

All well and good to have cashflow from Galoc production, but it is not a self regenerating commodity in that oilwell.

We need to discover more reserves to build the value of the co., and this I believe is what the mkt wants to know...WHEN?