time for ann, page-7

dazza, it isn't a 1000 BOPD well as this will never be achieved. Everyone will agree to that.

When and if CTR get to 440 BOPD and recouped their investment, they will take 60% . Assuming this point is reached and a net paback of $50, your annual profit before exploration & corporate costs would be 440 x 0.6 x $50 x 365 = $4.8m.

Last Quarter your admin costs were $393k so lets assume $1.4m per year. Exploration & Evaluation will continue and last quarter was $379k , so lets assume $1.5m.

The profit after admin/exploration/evaluation costs would be $1.9m if the above scenario eventuates. Based on a market cap of $14m, the payback would be 7.4 years until another well is found to produce oil.

I think the market cap is too high if you only have one producing well, and that's at the 440 BOPD. Just because you're sitting on one well doesn't mean the stock is cheap or fairly valued. There's a good few million in market cap riding on Aztam #5.

I wonder what Bronze with 50million shares will do if Aztam 5 doesn't come in. High risk in my opinion.