Ann: Funding Update, page-18

Looks like there is still a reasonable sized seller out there. Everytime a new buyer hit the screen, the seller gobbled them up.

While frustrating, nice for those buyers who are getting a very good price.

Using some numbers

APT price is $USD 290 however CNQ will get say 75%- 80% of this, but the fall in the AUD matched the drop therefore they could get $290.

Costs of $130, gives an operating profit of $160 /mtu.

Start up 75600mtu = $12m

Full production 270000 mtu = $43m.

Very comfortable being a buyer at these levels. Gift horse springs to mind!!!