Ann: Quarterly Report (period ending 31 December 2014), page-3

Bigal, as I understand it, all the Cooper stocks receive Brent pricing for their oil production. So the price of Brent is even lower than Tapis.

I think BPTs quarter was a decent one, all things considered. The main cash drain was tax and the SACB J/V which is basically the Moomba upgrade. While BPT has a lot of oil hedged, its at low prices, which def did not help, as their realised average price for the quarter was AUD $85, over $10 below DLS who has hedged at higher prices. Then you have BPT hedge for FY16 with 500k at $45.... Not sure what the point of that is (although I guess its better than nothing).

That being said, BPTs net cash dropped $93 million. A large amount. They still have another $200 million or so to spend for the rest of FY15, so their cash position will deteriorate a bit further I think, but not by much, perhaps another $50 million or so? Although if they have more tax, it could be quite a bit worse?

Good to see BPT talking up Bauer, of course they are, its the best oil field in the Cooper Basin (sorry, I hold DLS too, so very happy about that).

BPT must be looking at acquisitions to bolster its position. IMHO, DLS is the logical fit. $150 million in cash plus 100% ownership of Bauer is a tasty target.