Ann: Trading Update, page-49

Jimmy_C,

I see what you are trying to get at - and I applaud you for showing your workings !

you seem to understand the time lag betwixt oil price and pickup in expl activity....

I rekon Dampier / Broome may be a "little" high - but, I rekon your numbers for boats are "in the ballpark" ......you will find (or should) that as you chg the utilisation rate on the vessels, that it has a double impact (as it reduces the holding costs in dry dock)...

I also agree re required equity (50-75m is my best guess) ........

concur with your multiples .......be aware that they tend to expand in bull oil markets (just look at the history of this co post acquisition .....)......

rgds
V_H