Low oil price good for HZN?, page-9

I think in your opex figure you may be including amortisation (which is not a cash cost) and possibly the special oil levy (which will likely not be payable or at least reduced at current oil prices).

At a project level (i.e. excluding G&A, finance etc) I would use $2,860,000 opex for the quarter/242,792 produced bbl which gives around $12/bbl for Beibu. This is true opex, there will of course be royalty and taxes etc on top so it is not that the rest is margin.

A lot of costs in the offshore environment are pegged to the USD, they come down as a function of demand but as a starting point I would assume 50% at least are in USD so won't necessarily get an immediate currency benefit.

I don't know how much capital HZN have to pay back, I just know it started last quarter.

I would estimate their last quarter exploration and development costs at $20MM but a lot of that will depend on when they pay the Nama bills, i.e. could be less if some of the Nama costs go into next quarter.