You are well informed miningnut. I'm comfortable with the...

You are well informed miningnut. I'm comfortable with the accounting adjustments that resulted in them booking a loss for the quarter. The downside of holding currencies in US$ is also the adjustment to the A$ value at the time the books are closed. As their expenses are in US$ and will likely continue to be, it makes sense to me that the funds are kept offshore. I dont see anything irregular in this or any cause for concern.

The revenues to LIO from the Seram Block PSC are currently running at around A$4m per annum and forecast to last for several years. There is no doubt the asset has considerable value to LIO.

On break-up value, I'm confident LIO is worth over 50c. There is undoutably risk but the down-side is minimal and the up-side looks great.

Thanks for your input


Good luck....