150 m usd cash - 163 aud, page-8

Hi Auto

I took the 15 million barrels condensate out so numbers are based on dry gas.

Roc holders also get screwed because we effectively lose 58% of the $34 million franking credits. Funny how Brent said it was important for HZN shareholders to get a dividend, but any dividend would be courtesy of ROC cash and franking credits.

ROC over the next 2 years could pay a 3 cent dividend twice yearly to it's current shareholders to extinguish the franking credits.The $ 80 or so million spent would be much better value for ROC holders avoiding this killer dilution...IMO this would result in a much bigger "rerating" than this dilutionary deal.You could do a cashflow calc based on current production and known oncoming cashflow from Malaysia to see what cash we would be left with after that period. ... ROC could distribute the cash returning from the Balai RSC no problems.

Cheers

Dan