quaterly now out, page-7

Well we all now know why nothing was released regarding Oil production and cash until they legally had to release it.

Key Points and issues:

(1) In the Dec 2013 report PB states that Oil Revenue for the quarter increased to $36.2M USD from $26.2M USD the previous quarter and he was delighted by it.
Why is it that the Sept 2013 quarterly report showed an actual Revenue of $36.9M AUD and the oil and gas division Actual for September 2013 showed $34.1M USD. Both are substantially higher than the $26.2M PB claims was the previous quarters oil revenue.

(2) The Dec 2013 actual production 5157 Boepd (gross) and 4290 Boepd (net)was substantially lower than the expected 8000-9000 Bopd.
Boepd also includes Gas so the oil number Bopd will be even lower than this.
Considering how much was spent on new wells and the supposed great flow rates from a couple of the cedar Point new wells it is clear that the depletions rates on all wells including Cedar point are very high.


(3) As the report doesn't give the same detail that the old quarterly report gave its become quite hard to fully analyse all the actual numbers.
All I would say is that unless those Oil production numbers grow substantially or they massively reduce the overheads they look like the cash will run out very quickly.

The problem is to grow the oil numbers requires huge amount of capital for new wells. To even maintain current production levels requires several new wells to be drilled each quarter just to offset the high depletion rates.



(4) As for the brokers forecasting a profit this financial year.........really?


Good luck to all existing share holders as I think you will need it.