confusing, page-4

Look folks. That quarterly report with the figures at the end is about as simple and clear as you would want it.

You know what your assets are. Cash and oil recievables.

You know what your liabilites are. Royalties and tax, which are both unavoidable, and the tail end of hedging liabilities (which would be much less now as oil price has gone down since June 30).

Don't even begin to worry about how they presented in the annual accounts. Don't even begin to try and analyse them, especially an EPS analysis, which for a finite resource is pointless anyway.

PPP balance sheet looks like this at 30 June.

($119M cash - royalites $17M - hedging $4M - tax liability $22M)=

Assets:

Net cash $76M

3.6M barrels of Tui reserves

Liabilites:

The complete idiots (not) running the company.


By my calcs, at 24 cents per share, they will reach 100% of mkt cap by about May next year at current prices and still have approx 2.5mb of reserves yet to be produced.