you need to use NET figures.
Your Gross figures are probably OK, but you also need to factor in about US$15-20 per barrle for operating costs.
Then after that, take away 20% for royalties (which probably in the first six months will be NIL as the project development costs will be 100% deductible during this period).
Then, later on, NZ company tax of 30% will be payable.
However, I would think it is fair to say that neither royalites or NZ company tax would apply to the first 6 mths of shipments.
If that was so, then 6 mths worth x 11M barrels total to 30 June 2007 (that the JV has forecast) would mean approx 5.5mb of oil sold.
5.5mb x (US$95 TAPIS - US$20 costs) x 10% / .875 = A$47M in first 6 mths, assuming no taxes or royalites.
5.5mb x same above x .80 (ie 20% rylty) x.70 (30% coy tax) = A$26M in 2nd six months assuming royalties and taxes.
AT 24 cents, mkt cap is A$140M. Assuming cash on hand of A$30M offsets US$22M owed for project loan, PPP will have received in half its mkt cap in NET cash by 30 June 2008.
I'm not asleep.........................
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