I should add that my comments should be taken in the context of...

I should add that my comments should be taken in the context of a deteoriating global economy. This will put a lot more pressure on commodities and businesses in general.

ASIC and auditors will be much more diligent in times of economic uncertainty. This will require the application of current market prices for commodity not rosier prices based longer term assumptions. this will require a significant reduction in Ozl's reserves per the JORC and an associated writeoff. If the short term assumptions prove to be too negative, they can simply be written back in the future as Ozl has done recently.

Bottom line is falling commodity prices mean that Ozl's JORC reserves will have to be cut. this will lead to an associated accounting write off of part of PH's expenditure and most of Carapanteeena's accunulated expenditure.