us$15m positive cashflow this year? I see they have bid and won...

us$15m positive cashflow this year? I see they have bid and won several new areas both last year and recently.

One would think that when West Cameron runs out later in the year, they should be able to unhook the production platform from WC, then give it any refurb that it needs, then place it on a new site if any discoveries are made.

Owning a second hand platform themselves must save them an absolute fortune if a new dioscovery requires it. Could be some good economies of scale downstream for them here. Bear in mind the Vermillion platform cost them from memory US$8M.

Another thing I noticed. Exploration budget is US$25M this year. If Operating cashflow (including 'GG&A', ie admin costs etc) in Q4 2004 was US$10M on production that will be lower than Q1 and Q2 2005, and prices staying higher for longer than normal at present, bugger me if operating cashflow won't be US$40M for the year. My maths says 40-25 = US$15M positive cashflow for the year.

This cash build is because they are having a drilling pause in the second 6 months of the year, but if Main Pass is successful (whenever they can be bothered to tell us when they are going to drill it), then reserves situation would be fine and company will be A$20M more in the bank.

I like the look of that, I must say, it's the cash accumulation I have been looking for for quite some time.