Digger,
FYI - notice the date.
http://www.stocknessmonster.com/news...E=ASX&N=544641
As for the static cash position for the end of January, notice the flucuations in the value of the underlying currencies.
- 22/01/09 When the company made an update about the position, the exchange rates for:
- 22/01/09 = USD/AUD = $1.52488 compares to the rate at 19/03/2009 USD/AUD = $1.4462
Fair value loss on exchange rate = ($1.52488-$1.4462)*$57m USD = USD$4.48 million*1.4462 = AUD$6.48 million.
- 22/01/09 = NZD/AUD = $0.80543 compares to the rate at 19/03/2009 0.803668.
Fair value loss on exchange rate = ($0.80543-$0.803668)*32 million NZD = NZD$0.06 million which is neglible.
AUD cash is N/A.
For cash amounts, I used postion as at 19 March, as amounts werent stated as at 22/01/09.
So there you have it digger, PPP made a foreign exchange loss of $6.48 million in the last 57 days. Thats why the 'equivalent' cash has stayed the same in AUD and probably answers Croesus's answer on how much they are making per day in a
very rough sense.
Why would PPP downplay their assets? Its a little hard to 'doctor' cash...for other assets, fair enough, but have a read of the financial statements and you could get a fair idea of their depreciation methods used on their oil development. Oil Assets are not applicable in my calculation.
www.x-rates.com