december quarter profit, page-11

chc, they are nice simple straight forward calcs.

As approx first US$37M of revenue is recovery of devpt costs for royalty purposes, royalties are therefore NIL for your calcs at this time. And NZOG with its $140M of tax losses appears not to have any company tax liabilities until 1 July 08 at the earliest, so no deduction required there either.

So your number is pure cashfow and should be reasonably accurate. Should end up straight in bank account and hopefully be used to commence the project loan repayments. This loan is US$27.5M, so this quarter of cashflow actually covers the whole thing, but from their commentary in the OGW article they will pay if off progressively to 30 June 08 (which is quite a short time period anyway).

Sentia, your figures are a reasonable stab at it, but I prefer straight cashflow figures as that is what will sit in the bank account. Still, the posting of a big profit number always attracts positive press, so it will be good to see what it is when it comes out.