ppp current market cap A$31.5 * 588.6 million = $185 millioncash...

ppp current market cap A$31.5 * 588.6 million = $185 million

cash at dec 2008 equivilent A$150 million

made of

A$52.4 million
NZ$38 million
US$45.9 million

current value of these holdings is equivilent A$152.4 million

between dec 30th 2008 and march 11 th 1.7 million barrels of oil sold . PPPs share being 170,000 barrels.

average price over the period $US46.7

gross sales of US$46.7 *170,000 = US$8,000,000

This US$8m after tax and royalties around US$3.2 million

ontop of this ppp has 219,000 puts @ US$52

Cash holding estimate current A$157.4 million against MC of A$185 million.

Market is valueing all of tuis permits and 10 % of tui at less than A$28 million.

seems as though there is very little downside and plenty of upside. id expect the cash held to create some sort of price floor around A$0.26 and creaping up as ppp add to their pile of cash. The fact that they have not done anything with this money can now be seen as a very astute move by management. With companies needing to refinance their debt im sure ppp will be presented with many oportunities i am glad that the management hasnt acted hurridly and blown the hard fought money. We have little capital commitments on the horizon aside from 3-4 quarter drilling. keep up the good work ppp mgmt you are in a position that many others are envious of and most people know this fact.