Providence Resources - Profitability of Barryroe - In 2008 Oil reached maximum...

In 2008 Oil reached maximum of $134 with dollar worth .625 Euros i.e. cost in Euros of 83.75 Euros. Now we have dollar at .91 Euro with Brent at $60.71 i.e. 55.3 Euros. Thus this means that Price of Barrel in Euros is down from 83.75 to 55.33 Euros - a reduction of 28 Euros a barrel. We were told in August by Landsdowne that Barryroe was Profitable at ~30 dollars i.e. production cost in August below $30. Earlier in the year we were told Production cost of $40 a barrel. This would have given a profit of 58 Euros a Barrel. If we can believe Tullow statements that cost of rigs down 50% and labor down anywhere from 30 - 40 % then Barryroe should not have a cost in Excess of $15-20$ a barrel i.e. circa 13.5-19 Euros a barrel. Thus we still have considerable Profit from Barryroe of anywhere between 35 and 40 Euros a barrel.