MJS, that's a valid point, however, given the $A eq on the...

MJS, that's a valid point, however, given the $A eq on the non-hedged proportion of their production, in comparison to historical prices, my sums suggest they are cleaning up. I cannot see how they are not producing in excess of $3m/month in operational surplus at present, which belies this low market cap. (They were producing $2.5m/month back in October, as announced at the AGM, and prices have risen quite a bit since then) I also think their view is that exploration success will put those hedging contracts post June 08 into perspective.