Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-42

So, just to work through the maths for you and all, we have the following growth rates:

Actual increase in quarter ( Sep v Avg) - 15%

Price increase ( crude est of 80 v qtr average 71.6, applied to all production) - 12%

Exchange rate ( 75 v 73.5) - 2%

New production ( enabled with crypto gas generators plus) - 15%

Annualising that onto Sept quarter is USD 24.5m, round to $25m.

QED

I don't think that's too much of a stretch, given all the variables and lack of sizing on new production estimates. There are a couple of wells currently off line due to flaring etc. that will start production this quarter. The fact that they bought a truck ( while funny that it gets a mention in the quarterlies) does give an indication of their intent.

You might want to stop blaming management for the drop in crude prices in 2014/5 and recognise their not inconsiderable nous in keeping the company alive and now starting to deliver.

Good luck, you might find @1.4 a buying opportunity yet!