Ann: Quarterly Activities Report, page-41

Van
you are correct re pmtns but you need to also realise Maari contingency to be set aside over years and unlike China fields these fields have a longer life with less depletion

similarly you can’t assume a big spend on Maari and not discuss revenue impact upside

exploration costs need to be expensed as part the profit oil process

remaining w12-8E spend would be covered by one months cash flow

development drilling for Beibu second half will also be accompanied by increasing production. Again you focus on costs with no revenue discussion

i note you have come out of nowhere and have been the top poster today . So is it a buy and why in your eyes? the current modelling suggests cash flow of over 7c per share for 22-23 FY . Your cost / expenditure concerns are rounding errors . I am happy to minus 2 c from my cash and cash flow estimates . I still get cash and cash accumulation of 8.5-9c in 12 months