rich pickings: target australia, page-15

here's my take

18.77% of 11000 bopd = 2064 bopd net to oel

Profit margins, i'll be rough as guts here, say sale at 65/bl -20 costs =45 /2 any sort of tax = $22.5 profit/ bl

say 300 days per yer, profit of galoc to OEL = 14 mill.

Then add to that turkey gas sales, that i understand are about 6-7 months away, and with the gas prices down a bit, lets say 5mill.

So, 19mill pa profit.

13 mill cash,

MC 64

NO DEBT

EV = 51 mill and 19 mill pa profit.

So, what should we be? again, ball park PE 10, 190mill mc.

ie 3.5x or a sp target of around 20c, to be fully priced in on our current and near to be, production facilities.

When you factor in, that 19m pa, is a pretty handy warchest to develope your other assets, exploration budget, the upside, is above the 20c valuation.

cheap!