development costs are too high they wouldn't make any money. What was the cost of the galoc development, about 120m from memory. So for development to proceed we need to recoup 150m. Thats about $42 a barrel + production costs, with costs going up all the time. Then have to share the profit with the govt as well 60 -40. Extremely marginal at best. Lets not mention the 13m in admin costs we need to make every yr.
Joanne im waiting for your call....
development costs are too high they wouldn't make any money....
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