good news week, page-30

John,

Hartleys is the house broker, been paid to raise them cash. Brokers habitually get valuations of these type of companies wildly wrong, as do markets. Fact stands the ASX punters are prepared to pay 30% more than the Canadians atm for a very similiar basket of assets.

I have no tax expertise, but I do investigate the broad picture, wrt companies I invest in. Your quotation might me a little more meaningful if you stated what it was quoted from, however as it is a smokescreen who really cares.

It is my clear understanding that most Australian Federal water production is subject to a 40% PRRT, ie 40% PRRT and 30% company tax, for a combined 58% profit once all costs and allowances for both tax and PRRT have been used up.

However as you mostly appear to be trying to argue my corner, ie you are saying that Australian fiscal terms are even more attractive than I suggest, I should really rest my case, shouldn't I.

In any case the gap between something in the vicinity of 17% in Thailand and something in the vicinity of either 42% in Australian Federal waters or 63% onshore is simply to big to muddle with bs, but if you want to say it is even better in Australia fine.

I will state once again THE FISCAL TERMS IN THAILAND AT 20,000 BOPD FROM A PERMIT ARE MUCH LESS ATTRACTIVE THAN FROM THE SAME IN AUSTRALIA. AT BEST 25 (Aus onshore) to 40% (under PRRT) AS GOOD. The disimiliarity is even greater if I accept your latest twoddle.

EL