It's a good sign to see the Chairman/MD buying $45k's worth at...

It's a good sign to see the Chairman/MD buying $45k's worth at this juncture. Don't think he'd be doing that if there was anything negative behind McCoy's departure or in other words all must be well with Wambo contract as per the update.

Flipside - it kind of explains all of the volume this week.

I've been considering the numbers now that all the unprofitable operations are axed.

11 rigs should each be generating about $150k per month from November. That tallies up to about 19 million per annum allowing for slightly lower number of rigs for first few months. Only 59 workers to pay now, so say the average cost is $150k p.a that is $8.8 million. Consumables say about $6 million...office/admin $1 million ( and have closed newcastle office by the looks)..interest..$500k..That leaves about $4.5 million. They have a $3.8 million tax loss asset and so won't pay any tax on earnings in fy12..Shouldn't be anymore impairments. Looks like a very low p.e ratio when you nut it out like this.
Fingers crossed the weather is kind to us.