"Net Profit/(Loss)The Group recorded a net loss after tax of...

"Net Profit/(Loss)

The Group recorded a net loss after tax of $44,574,000 (2010: profit of $327,648,000). The Group recorded its first material oil sales revenues in this reporting period and expects these revenues to continue to increase over the next twelve months.

The Group expects to be generating operating profits on a monthly basis by the second half of calendar 2012.

Note the result in the prior period reflected the sale of the Galilee non-core coal tenement, with a net gain of $495,001,000 recognised on disposal of that asset."

That last note means that if we take the Galilee sale out of the picture:

2011 net loss $44,574,00 vs 2010 net loss $167,353,000

This net loss will decrease progressively and turn into a net profit as the US assets gear up. Then the company will be self-sustainable.

Then (what we're all waiting for) is the big one-offs, like coal tenement sales (specifically Teresa).

It's not all bad guys. Very frustrating waiting for Teresa and lots of talk and missed deadlines reflect poorly on management. But fundamentally this business is turning around into a profitable one. And when those one-off deals do get nailed this thing is going to fly.