Ann: Production Commences at SM 71, page-53

I'll write something up when I get a chance - but the big gap in your analysis is with the 4 x9 00 BOPD. It is looking like the three wells will all need to be choked back - we are looking at 40.625% of 5000 bop, say 4750 bopd if you factor in a 5% downtime for maintenance and other events. Obviously there will be declines in rates, but with the currently choked back status I can't see that impacting for a while.

Approximately $10/barrel of non-admin costs (from memory $7 per barrel or so for pipelines/liftings, $2-3 million gross for the platform) leaves you with around 38.7 million USD before admin costs using $65 usd oil. Call it 36 million when conservatively including admin. That nets out to 46.5 million AUD per annum net profit.