Ann: Presentation, page-68

You recall me banging on about Debt-Adjusted shares and the importance of that for all metrics when there is debt present??

Well now you know why.

Debt is drawn to US$22M.
US$5M is restricted, so call it US$17M spent ($5M on F5 and the rest on GC-21 and anything else Lightning related)

To retire just US$5M debt is at present ~AUD$8M or
800,000,000 shares when they were 1cps or
1,000,000,000 at last trade of 0.8cps or
1,333,333,333 at the raising price of 0.6 cps

This grandiose pie in the sky 5,000 boepd strategic goal is total BS as a shareholder goal. I don't know how many times I've said that.

I'm going to simplify the math for a moment ... call it 2.5B shares on issue prior to any debt being taken on.

5,000 boepd = 5,000 / 2,500,000,000 = 0.000002 Boe per share or 2 Boepd per 1M shares

Now, a simple development well comes up with nothing at a cost of 1,333,333,333 shares for the $5M of debt used
Whats changed?
Still 5,000 boepd
Share count goes up to 3,833,333,333 (just using the equivalent US$5M of debt)
and expressed in DAS its 5,000 / 3,833,333,333 = 1.3 Boepd per 1M shares

So to keep in step of requiring 2 Boepd per 1M shares the new production goal has to be ~7,700 boepd (up 54%)

That is NOT CREATING SHAREHOLDER VALUE.

And we can apply that to just about any metric. So unimpressed.