Struggling a little with the cash/investment reconciliation from...

Struggling a little with the cash/investment reconciliation from the December quarterly to the end of January figures provided in this update. However, the asset position currently stands at:

Cash and corporate bonds - 8.9m
Byron Investment - 10.8m
Convertible note - 6.0m
Options - 1.35m (B-S)/.5m (intrinsic)
Cooper Basin blocks x 3 - ???
Bivouac Peak - 5.1m (per OEL independent report valuing Biv peak East at 23m for a 45% interest)

All in all we have a value of 31.3-32.15m without any value ascribed to the Cooper blocks; equating to between 7.8 and 8.1 cents per share.

The only bit I am unclear on is how we have 8.9m cash and bonds, given there was 5.8 in cash at 31 December, with 1m of convertible note received in January and investments of 2m clearly related to the Byron cap raising. Perhaps the bonds weren't listed in the quarterly? Regardless, the reporting could probably be a bit more explicit/transparent in the quarterly....

On another note, it appears that the two Cooper Basin blocks that recently received native title approval were relinquished by Santos. The appointment of Trudy Bretherton has me a bit excited as she was ex-Drillsearch - who held(hold?) the tenement above ATP-2021. She certainly will understand the area. ATP-2021 had the Kinta-1 well cased and suspended as a future oil producer, which bodes well for the large lead identified around this well.

In short, hopefully this will move into the mid to high 7's as we approach Bivouac Peak drilling, as it is clear that the market is currently not prescribing any value to Bivouac Peak or the Cooper blocks. Worth having a read of the section of the OEL report that relate to Bivouac peak, as the unrisked value for MEL would be 20m plus - just for the initial target; with the deep target being worth an additional third of this amount......our current market cap.... http://www.ottoenergy.com/irm/content/analyst-research.aspx