What a poor result 1M profit.Actually much worse but have used...

What a poor result 1M profit.

Actually much worse but have used some wayne swan accounting to ensure there was a small profit.

Depletion expense of 800K is way too low.

What is missing is
1. write-off for 20 wells drilled in the half they were dud's
2. Write off or write down of existing wells which are dud's. There has to be quite a few of these.

Overall company spent 13m more than they received and increased production by 9 BOPD.