yep the local regime and taxes take most of it. Have a look back at last time they did a new well, by the time they had cost recovered on it they well was already in terminal decline. That financial year as in so many others they never really made any significant profit. Indo won’t save bas, never has and you are now just starting to see the costs of playing in the cooper. Yes oil is up but so too are all of your input costs for drilling and completions so you are no better off.
Ann: Bass to Raise up to $4.0m to fund Cooper Basin Activities, page-33
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