Here is my response:Hot potatoe hot potatoe Toot toot chugga...

Here is my response:

Hot potatoe hot potatoe Toot toot chugga chugga big red car

It is best to wait until the September quarterly report is released. Numbers don't lie

The key bits of information to look for:

Do they report the average daily oil production for Cliff Head over the quarter. Remember oil sales are different because they go over a different period. If they don't tell you the average production per day over the quarter they are hiding something. The last quarterly report put this at 508 bbls per day. They went on to say that this was lower than normal. I read somewhere that the work to increase production will not happen until the Dec quater so expect to see average daily production for the September quarter below 550 bopd. Production will decline over time and things do breakdown so lets wait and see how the production for the quarter went.

Next go the quarterly and look at the Production, staff and admin costs. Call that the total cost. Add them up and that's how much it cost to open the doors. All other spending on exploration can be ignored as it is capitalised (this is a generous concession on costs because you can hide much of the staff in this category). Other one off spending or other revenue can be ignored for this analysis

Its then simple maths.

Break even A$ per bbl of oil produced is:

Total cost divided by Triangles share of production for the quarter
Triangles share of Production equals the AV BOPD x 92 (the days in the quarter) x 0.575 (Trangles share of production that the quarterly report relates to).

Don't include the 21.25% (Triangles 50% share of the 42.5% equity owned in the JV with Pilot through another subsidiary) The quarterly report does not include any spend or revenue from the subsidiary.

You can all do the calculation and share it on HC.

Unless the total costs have gone down significantly I cant see the result being grounds for celebration on HC unless you are itsagas or luvlife.