Ann: Half Year Accounts, page-27

• just calling a spade a spade...the co's cash position is not half the MC, its a bit less than one third of the MC...read the report carefully.
• PE ratio is around 10.
• The costs of the next wells will be a lot less, as there is no pad prep and the surface inf is largely there.
• If they can get some economies of scale going with the next round of drilling, i.e. do a 3 or 4 well program back to back - that will do wonders. 30% saving gives you an extra well.
• they paid CPS $1.4M and a bunch of shares, in return for CPS tipping in $350K to convert the unexercised options...and doing whatever else they do. seems a bit rich. hopefully they wont have to go back to that tit anymore.