Breakaway Research Report - Aug 2022, page-11

Come on i get your angry that the SP has not responded to the clearly very improved balance sheet position of the company but lets stick to the facts as per the latest Q report.

With roughly one is every 15 dollars of revenue spent on salaries & admin in the past quarter i think its fair to say this is not causing the current EV ......

Salaries/Admin as a percentage of revenue for last the Q - ($414k + $285k)/ $11,758k = 6%

Salaries/ Admin as a percentage of revenue for the past 12 months ($2,617+1,901)/ $38,626k = 11%

Salaries/Admin on a BOE (WI) basis for the last Q - $ ($414k+$285k)/ 192k BOE =$3.6 / BOE vs revenue of $78 BOE.

To put this into context when the hedges roll off in a little more than 6 weeks the company will be making $22K more every day than it is presently making. Using the annual figures (which included restructuring costs which are one offs) total admin and corporate costs account for ~$12K day (and even lower at 8k for the last quarter) .

With additional income i would expect the current salaries and admin percentage continue to reduce from here.