CVN 0.79% 31.8¢ carnarvon petroleum limited

hartleys reason to read it

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    There is ONE main reason to read the Hartleys report.

    This is the FIRST time I have seen any projected calculation of the SRB - the deadly (but fair enough) Thai windfall profit tax regime. It is onerous at the top end - as revenue increases increasingly the extra mostly goes to the govt - but I am pleased to see that Hartleys are still showing NPAT of over $50 mm pa starting with this June 08 FY.

    My understanding of SRB is that it is on an exploration permit basis, so that if CVN gets success in other permits SRB will start off as nothing until a threshold of high profitability is reached.

    CVN still has huge upside in Thailand imo, and Hartleys have done a great service to elucidate the mysteries of SRB - hope they got it right.


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