re: some numbers Arpeggio and 62strat - that is sent.
Just for those interested in what might be a reasonable operating margin to use then listed below are the producing and cash flow positive peers pre-tax operating margins (according to my figures - so do your own checking!) and the change in these over the previous corresponding period (ie half year or full year depending on what has been the most recent report).
Note that the lower margins might reflect more activity than higher margin peers - so not listed for any other reason here than to help come up with a "ball park" operating margin pre-tax for the "what if" scenarios - not an exact science by any means and as Wink says - the biggest risk is Galoc flowing. But - you gotta start somewhere?
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