re: cash flow projection Acamas,I subscribe to Macquarie...

re: cash flow projection Acamas,

I subscribe to Macquarie Equities who provide a cash flow projection for the years out to 31 Dec 08. Their projections updated at the end of September for 06,07 and 08 are as follows :

Year 06 07 08

Production mboe 1.94 2.31 2.15

Cash from Ops $Am 109 139 136

Exp & Dev (156) ( 76) ( 63)

Cap. Raisings 153 5 5

Net Cash Flow 120 74 84

Net Cash/Debt 189 256 334

Hope the above table comes out. In summary they project Hardmans net cash position growing from a surplus of $189 M as at Dec 06 to $334 M as at Dec 08.

Regards