Lets do a little fundamental analysys then, old manReport from...

Lets do a little fundamental analysys then, old man

Report from KRZ 12 March 2003

KRZ - Kalrez Energy Limited 12 Mar 2003 01:38pm AEST



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KALREZ ENERGY LIMITED 2003-03-12 ASX-SIGNAL-G

HOMEX - Adelaide

+++++++++++++++++++++++++
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder, and
Operator of the JV, is KUFPEC (Indonesia) Limited with 97.5%.

Production from the Oseil oilfield commenced on December 30 th 2002,
with processing taking place through a Temporary Production System
("TPS") nominally rated to approximately 12,000 barrels per day
throughput.

The TPS facility is a temporary process facility to be utilized until
the permanent facilities currently being installed are completed.
Current expectations are that the permanent facilities will be
available during April 2003.

REPORTING PERIOD FROM MIDNIGHT TO MIDNIGHT
2nd March 2003 9th March 2003

Oil produced for the period 66,941 barrels of oil

Average daily production for the
period 9,563 barrels of oil

Cumulative oil produced from
31/12/2002 590,838 barrels of oil

Oil sold during the period 296,557 barrels of oil

Oil in stock 52,982 barrels of oil

The above represent total production from the Oseil oilfield as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian government
entitlements.

COMMENTS

All three wells Oseil #1, Oseil #2 and Oseil #4 on production.

Current operations are continuing production through the TPS system.

G Mercorella
CHAIRMAN


For further information please contact:

Russell Brimage Guisepe (Joe) Mercorella
Jakarta Office Adelaide Office
Ph: 0011 6221 769 6977 Ph: 08 8239 2666
Fax: 0011 6221 769 7012 Fax: 08 8239 1744
Email: [email protected] Mobile: 0403 680 570
Email: [email protected]

Eddie Smith
Ph: (08) 9362 9330
Fax: (08) 9362 9331


10,000 barrel a day at $36.00 (say)= $360,000

Krz share of 2.5% equals to 9,000 a day gross - before production cost and Indonesian Govt Charges.

Well I know plumbers who make more in a day and they
do not have 1 bilion of shares on issue.
Good luck with your holding . Bohemian