70c company is cash only 1 dollar for everything elseIPO in Sept...

70c company is cash only 1 dollar for everything else

IPO in Sept 1996
• Market Capitalisation ~ A$230m
• Tight capital base = only 156 million shares on issue
• Current Production in Australia’s North West Shelf
– Woollybutt oil field (Eni as operator)
– Harriet oil and gas fields (Apache as operator)
• Near Term Production
– Amulet oil field discovery
• Quality Acreage
– Good quality permit interests in Australia, NZ and Philippines
– Tap operates 10 permits
– Numerous wells drilling in next 6 months
• Balance Sheet
– A$112m cash at bank, no debt
– Exploration spend ~ A$40m for ‘06, A$45m expected in ‘07
• Board
– 5 members, all have extensive E&P experience
– 2 new recent appointments, new Chairman
• Quality Experienced Technical Team
– A well experienced (new) team was installed in 2005