Ann: Interim report for the half-year ended 31 De, page-4

re: Ann: Interim report for the half-year end... On the surface not a bad result

2497 loss. Once you add abck the one off 7893 for sahre based payments(mostly for yeager) the profit before tax is 5396.

But as I have said before the Oil and gas write off amount charged to profit and loss is a joke.

Currently Oil and gas assets are 78M. Write off was 1.7M for the half or 3.4M annualised.

So on that basis MAD are claiming their Oil and gas assets will keep producing for 23 years.

From my observations I would have said that at least a quarter of all Oil that will be extracted from each well gets extracted in the first year.

Once you make this adjustment their is no profit.