i may be out but royal pump coming imo, page-13

re: value of imp If income for year is $32 million, 60% is say $18 million.

A well costs $250000 including completion & tie in costs. Cost of 100 wells is about $25 million.

The EBIT will be US2 cps AFTER initial costs have been paid. The initial costs will take approx. 1.5 years to recover.

So you could be looking at 15-20c sp in two years time.

I bet I've made a mistake as well.