when will it move?, page-14

well done, (and it's Michael Connor). Fundamental analysis breaks through after all. I suspect profit wise they will do well in 2003 and 2004, but cash flow wise they will continue to need the cash flow to contribute their share of the capex for Oseil until infrastructure for the development is complete. But once that is done, well cash will simply roll in.

Even if oil settles back to US$25 a barrel in the long term, we are on a winner here.

Maths for Bohemian at US$25 then:

Bula - 160,000 x (25-15) = US$2M = A$3M
Oseil- 200,000 x (25-5) = US$3.2M= A$4.9M

Assume rig profits offset admin costs= NIL

Total margin before taxes A$7.9M

Total market cap of $8.7M at 0.7 cents.

Work it out for yourselves folks. And what if Saddam goes off the deep end with the oil installations, well it will be quite a while before we see US$25 a barrel again, yes sirree.

One question, do those costs include Indonesian taxes, royalties etc?