Yes, I considered amortisations, operating expenditures and special oil gain levy to have a sort of "all inclusive"/realistic HZN bbl cost. In 2013, Beibu opex was $11/bbl - have a look here in the ROC report: http://rocoil.com.au/Investor--Media-Centre/Reports/Online-Reports/2.-Operational-review.pdf . To notice also the $49 gross margin per BOE at Beibu (2013) - almost double the one for the other ROC big Chinese oil field, Zhao Dong.
I see minus $10m in exploration and development costs during the last december quarter compared to the previous quarter. They drilled two wells in Stanley for $9m and other two in Beibu during october quarter for $4m. Nama-1 cost should also be around $4m - hence, exploration cost in PPL259 steady at $4m.
If not for the eventual debt repayment, I think, the december quarter will register PROFIT for HZN!?! Am I mad?
Low oil price good for HZN?, page-10
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