appendix 5b , page-2

using their production figure 395 K to represent what was sold in the quarter ( not always correct) I get nett cash flow per barrel oil of about 63 AUD. I Deducted all costs including corporate overhead but didn't deduct exploration and evaluation costs or depreciation costs. In otherwords 63AUD = nett cash flow after tax but not allowing for any exploration or development write offs.

so using

continuing on from there for remaining part of 12 months( ie next 6 months)

PPP 10% with nett operating profit 63AUD barrel( my estimate) after and with 887 million shares. Note 63 AUD profit is forcast for next 6 months does mean it will be that nor is it the value for the first qtr but here I have assumed it is and it is probably high.

@45K per day = 14.59mb = 1.459 mbbl = 91.91M AUD = 15.6 cps
@40K per day = 13.68mb = 1.368 mbbl = 86.18M AUD = 14.7 cps
@35K per day = 12.77mb = 1.277 mbbl = 80.45M AUD = 13.7 cps
@30K per day = 11.86mb = 1.186 mbbl = 74.72M AUD = 12.7 cps

still to be deducted, write offs exploration/development, depreciation,

not bad for share with SP of 23 cents