Ann: December 2014 Annual Report, page-5

The idea that Macquarie Bank (the largest single shareholder and hedging counterparty) would not roll over the debt facility which has been in place for years is totally ludicrous

Of course unhedged revenue is lower. You may have noticed that the oil price has come down a bit ?

There was also $7m of discretionary spend in 14, which will not recur next year - which more than offsets this

The stock trades at a substantial (over 70%) discount to book value. So it would seem that your "concerns" are more than fully reflected in the price.

I also notice that you seem not to respond to questions asking you to substantiate some of your posts. That is your prerogative of course but brings into question why you would bother posting in the first place also.