shame about their tax bill

Assuming the ATO allows expenditure on the field to be fully taken into account - which I doubt - and assuming total field expenditure was $180M - which I also doubt - then by selling two thirds for $600M they are facing a massive tax bill of approximately $150M.
AED paid next to nothing for the field originally.
I'm sure all the armchair tax lawyers will attempt to tell me I'm wrong but its not me you have to convince. Its the ATO. Good luck!
Stripping out the ATO tax bill and the US$ notes leaves around $100M or 65c a share. A far cry from the much touted $350M.
After perusing the quarterly I see they have completely given up on P-8. It appears all remedial work will focus solely on P-7. Lets see. Took them 6 months to fess up that P-8 was a total dud.
As it stands right now based on the quarterly they propose to carry out unspecified remedial work at some unspecified date in the future.
I could have told you that late last year!!!
So now what? The spruikers will tell you the sp will rocket as soon as Chinese approval occurs. Just like they incorrectly told you the sp would rocket after it came out of being suspended two months ago and just like they incorrectly told you the sp would rocket after FIRB approval. Spruikers spruiking - thats GUARANTEED to happen!!!!
What isn't guaranteed is the length of time it will take to get a rig out in the Timor Sea. 6 months??? One thing I do know is it will be a lot longer than the 5 minutes some people seem to think after Dixey banks his cheque. Same with the remedial work assuming you believe it will be successful anyway which I doubt.
(Anybody wanting a high risk high reward oil punt see my posts on OIP.)