everyone needs to change their thinking, page-82

Sorry not a BFS but a DFS (Definitive Feasability Study)ie a study of the dirt before studying the dollars in the BFS

See page 38 of the annual report to June 2008

Activities
Proceeds from issue of shares and options 23,550,385
Payment for costs of issue of shares and options (1,489,778)
Net cash provided by financing activities 22,060,607
Cash and cash equivalents at beginning of financial year 11,372,832
Net cash used in operating activities 20 (19,121,163)Made up mainly of - Payments for exploration and evaluation(16,369,290)
Cash and cash equivalents at end of financial year 13,639,963

11 + 22 - 19 = 13

Now class (sorry this is too f'n simple)13 minus 6 every year how long will this last ?? has anyone done their homework on this company to find the bit where it says 6 must be spent (gee if not from the 13 maybe they'll accept shares at 20c a pop, yeah right, pre lehman Bros maybe, post, no way) each year to keep the licences that are the basis for the 41 Million Dollar market cap ??
Thats if all currently let contracts have been paid and do not require progress payments and all current drilling has been prepaid then and only then will the 13 - 6 every year last HOW LONG CLASS ?? Maybe they've technically spent the 6 Mill for this year or the tens of millions already spent will see them meet this obligation for the next little while and my analysis is PUS. Someone who knows better please reply, save the invective for PHIL.