for ian whitchurch, page-9

Sorry may have missed a few IAN

200 000 barrels expected to June 2004 from Warrior on a operating margin of $20 a barrel.
Didn’t include Acrasia which so far has produced 122 873 barrels to October (may not have been a full year of production).

While the oil of known reserves probably won’t extend past 5 years there are plenty of opportunity for further discoveries.

What I was wondering was has anyone done a calculation of profitability including production at Warrior so and P/E can be determined providing of course that production stays at the rates indicated by the company.

Kinda looks like these Guys are going to pump in excess of 400 000 barrels of oil a year on a margin of $20 that’s 8 million on a market cap of say 40 million so what else has to be taken off to get the a P/E

Based on profit from Asrasia I’m guessing that with Warrior production on line the P/E is in the 5 to 10 range.

Any opinions on an opinion.