Waitsia Phase 2 Cost, page-8

Hi, I could be too bullish.

When I looked at "Full Year Report 2017", page 5, for continuing operations sales revenue was 70.5 million and production cost & royalties was $38.5 million i.e. Field EBITDAX $31.9 million or 45%.

Amortisation will be a further cost so I rounded down to 40%.

If the EBITDAX is lower than 40% my estimate of current share price will be less than the $ 1.00 estimated above.

Would appreciate your view on EBITDAX. Rob.