Ann: Q3 Production up 33%, page-12

Last qtr SBM reported net negative cash flow of $22m, this qtr, they are looking at a positive $4m. That's a pretty good turn around story. I don't quite get the bit about paying off creditors, as I can see only a potential $2m as outstanding at the last qtrly. If that's a one off repayment, then the market would be correct to expect a better number again (50% better +ve cash, all other things remaining the same - including high POG) for the June qtr. This is playing out a slow and steady recovery scenario, with lots of cash on hand for opportunistic investment- with big potential upside.

Canada remains the unknown. Back in the glory days, $700m odd was paid for Atlantic. Fast forward to today and that sits on the balance sheet as a big fat doughnut. If we could some news there, even something small, there'd be a big re-rate.