Hi the company has capitalised all expenditure on Hammamet West...

Hi the company has capitalised all expenditure on Hammamet West #3 and on its Otway Basin drilling despite the uncertainty that either project will eventually deliver commercial hydrocarbons. Cooper justifies the decision by saying they are projects under development. Does that suggest to you pg that by capitalising that expenditure they have made the balance sheet look better than it really is and the $22 million profit just an accounting profit? I find all these profit announcements from oil companies a bit hard to understand and can't help thinking many of them are largely due to how they treat capex.