what's happening, page-14

"""Cash burn for the next 12 months I beleive is $14M. Still puts the share price below cash backing in 12 months time"

They may not keep to it.....read the veery next sentence after that in the quarterly report!!More likely to go up than down Imo.

Page 2
"The capital budget for 2013 is subject to change, pending the result of the Texas Value Maximization Process"""

Hi Veeone,

You have said it mate. And from what I have gathered it is true.

Perhaps there was a little hidden ramping from the other poster. Especially with the comments made about the difference between the $AUD and the $USD, and the advantage we would have with the Foreign exchange rate. (FOREX).

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Swami2 you wrote:

""With reference to Buddy's point about cheaper costs if they were producing in Australia, I am not sure how true that is. The Aud $ might be less than the USD but drilling costs, employer and infrastructure costs would be much greater.""

Well swami, if the operations were here in OZ, the cost of productions would all be in OZ dollars. So would the costs of storage, infrastructure, transport, employees, admininstration, rents, power and phone, and whatever else is involved with the running and operations of our enterprise.
On the other hand of the scale, the oil that we would produce, would be in $USD dollars which would have to be converted back into $AUD dollars, thus with the consequent advantage that we would receive more Aussie dollars for our products as we would be an ""EXPORTER"".

That is what all the producers in this Country, including the Manufacturing Industries and the Farmers, which are reliant on export for their prices, have been screaming about it. And that is the disparity of our Aussie dollar against the Yankee dollar.

If we were to import consumer goods like most of our retail imports, well yes we would all be at an advantage because, although it would hurt our own manufacturing industry, the retail prices would be cheaper on the shop shelves than the ones produced in this country. Hence why Coles can sell the NZ milk here in Oz cheaper that what our own producers can produce it for, and you can buy imported fruit and fruit juices far cheaper than what it can be produced for here at home. And it is also the reason as to why our own manufacturing industries are leaving Australia and moving their operations overseas. NOT VERY GOOD FOR US THOUGH, ESPECIALLY WHEN WE WILL END UP HAVING TO RELY SOLELY ON IMPORTED GOODS.

Why do you think that the whole World has been complaining at the Chinese practice of not letting their currency float with the rest of the World.??

Basic theory mate. That's all.