At $120 AUD per barrel and flows of 1000 barrels we are heading...

At $120 AUD per barrel and flows of 1000 barrels we are heading for revenues of $17.2 mill at current prices.

ITC will not spend that in a fit and as the revenue stream started early in the year our revenue will be close to that, maybe down to 14-15 mill for this year. Our drilling costs may be 6-7 mill. The current quarterly will give us a guide but the next one will be the real indicator.

I would be surprised if we didn't make a profit or at least be cash flow positive. Not having looked at the balance sheet to closely there may well be some costs that have not been expensed out which would bring the figure down but underlying profit would be there.

Maybe a divie or buyback may be in order. I personally wouldn't mind seeing them keep the cash and try and accelerate production further from Growler. The SP would then look after itself and TUI's 8c prediction maybe alot sooner than we think.

Despite eveything can'y help but get excited where ITC will be in 6months.

Go long