Thanks for the spreadsheet Tradebait. Just wanted to add a couple of points that may play a factor in the revenue going forward.

In Q1 2012, they made 25.9 million off of there 5000 barrels per day. Obviously the price of oil can fluxuate quite a bit but simple math would put yearly revenue for Sarq-1 around $100 million which is a bit different then what you have on your spreadsheet. Also there is a line in the Q1 report that talks about the KRG taking 36% of future sales of this kind. I'm wondering how this will affect their revenues going forward but If you take $14.2 million at the bottom of the quote and assume that's what revenue will be quarterly then that would give 56.8 mill per year and your spreadsheet is pretty much bang on, give or take a few mill.



Here is the quote from the Q1 report:

"For the three month period ended March 31, 2012, the Corporation generated $25.9 million of gross proceeds from the sales of approximately 450,000 barrels of test oil from the Sarqala-1 well. Lifting of Sarqala-1 crude oil has not been affected despite the Kurdistan Regional Government ("KRG") halting the exporting of oil from the Kurdistan region due to a dispute with the federal government in Baghdad, with production continuing at an average rate of approximately 5,000 bbl/d. However, effective May 1, 2012 the KRG began to receive approximately 36% of the production in kind. The Corporation has entered into contracts for April and May production and received total proceeds of $14.2 million, after consideration of the KRG volumes that were taken in kind for May production."