is it too good to be true, page-30

Tim, What is the typical profit for refining 1 BPD?..$10? This will vary a little in different parts of the world.

From memory when I looked into it months ago, Caltex in Australia run a profit of AU$0.02/litre.

1 barrel of oil = 158.987295 litres

So - about $3.17/barrel profit.

If they can get a profit of $300K+/day that would be excellent (about $100M/year).

That does not include servicing debt however - if they are holding off repayments until it is up and running, debt of $170M @ 15% would be about $25M/year - so that still leaves them with about $75M profit. Or about 6 cents per share if there are 1.25B shares on issue.