Glazeb,You are clearly don't know your facts. Let me bring YOU...

Glazeb,

You are clearly don't know your facts. Let me bring YOU up to date.

1) The exploration, evaluation and development costs you refer to and extrapolate are absolutely one-offs for NSA phase I. You most certainly can not extrapolate one month's figures against the future NSA revenue in the way you have done. On a revenue to cost basis, NSA is highly attractive.

2) Heavy oil trades at an approximate $13 discount to WI and that is already taken account for in the $55 pb figure on which the net revenue forecasts are based. The revenue forecasts are NET of all operating costs and so represent operating profit. (ie WI at $93 minus $13 discount for heavy oil = $80, minus 22% royalties = $62, minus extraction costs =$55pb).

3) The company listed in March 1990 was called Renewable Energy, a waste disposal business. This was taken over by the current owners and the name changed to Salinas Energy in November 2005. In other words, this business is just over two years old.

4) Macquarie took their position on November 20, 2007 at 57c. I suggest you check with either them or the company.

5) The A$2.4m admin costs do not refer to John Beggs "exorbitant salary", but costs of a 20 strong team of oil professionals! Given that they just have created a business that is about to bring in A$40m+ per annum of net revenue, I think we investors are getting a pretty good return.

Glazeb.....I can only assume you are either short, or have some kind of chip on your shoulder. If you are going to contribute to this forum, get your facts straight mate.