now are they in negative cash flow and losses, page-17

Hi Jdevries
Thanks for your revised figures.....don't forget admin costs

The December quarterly didn't mention anything about P-7 or P-8 remediation in the 2009 work program.
Looks like that idea has been dropped indefinitely until sustainably higher oil prices are achieved.

I think the next well will be an appraisal well in Puffin SW in 2010 whereby they will hopefully delineate a big enough reserve to justify development of the P-11 discovery.

Their net cash backing after deducting for the current tax liability of $50mil, C/notes of USD85mil, and $30mil Mar qtr costs for P-12 , is only ~40cps. Therefore even 85c share price is not that cheap given they run at a loss and there's no guarantee that Puffin will ever flow at commercial rates.