3.8mmscfd from 1 of 3 zones, page-6

Dargie,

10 cps looks reasonable ball park to me. Might well turn out even better (+ believe there 365 days in a year when I went to school - which was a while ago).

I did a calc on Selmo by quarter assuming:
- unchanged prod'n per 1/4 of 116,000 barrels
- ave rev / barrel of US $90, $105 and $110 for last 2 1/4's
- 20% increase in costs over 2007

Is complicated by exchange rates. Revenue is received monthly in Turkish Lira by IPM and expenses are in a mixture of 3 currencies, with all reporting all in AUD of course. So the relative fx movements have an impact.

Still my conservative cal'c is that Selmo will produce min A$ 17m NPAT this calendar year, or 22 cps.

All these cps cal'cs starting to add up in coming years.

PE