the cash floweth

Old Man River likes the floweth of cash, it floweth down his river and he loveth it greatly:

Kalrez Energy Limited is pleased to advise receipt today of the December 2002 Lifting monies into its Jakarta Bank Account. Total US$1.236 Million.

The majority of this money will now be transferred into the Kalrez Energy Limited bank account in Australia.

This cash complete with Tulloch Lodge Limited funding facilities give the company confidence. Joe Mercorella, the company's chairman commented "the receipt of the December 2002 Lifting cash is a real shot in the arm for Kalrez shareholders".

The next Bula Lifting of approximately 50,000 barrels is expected in the second half of March, 2003.


This to me is a great signal that KRZ is emerging from its cash squeeze caused by the late contribs to the Oseil project. With that project also about to start sending cheques to KRZ, this looks fantastic. KRZ is well on the way to supporting those earnings rates that good old Quentiin in the O&G bulletin mentioned in Sept 02.

The fundamentals are coming to support this one.