Their 2P NAV is over $1.7 Billion....I listened to the 43 minutes of webcast and I felt it was one of the best I have ever heard from the sector. Even with an adjusted lower Brent pricing deck, Ithaca's 2P NAV is over $1.7 billion dollars. The company has 70.5 MMBOE of 2P reserves and they more than replaced their production last year (without the Summit purchase included). They are now below $40 per BOE and my bet is that with a pretty much brand new FPF next June their opex per BOE will be below $30. So if they hold their current production at around the 12,000 mark and with the addition of a whopping 16000 BOEPD, at 28,000 BOEPD at $70 Brent (and $10 gas) they will be generating ~$410,000,000 of operating profit. With very little development capex required they will be generating plenty of free cash flow to rapidly pay down the debt. They will be income tax free for five years after Stella. Amazing Ferret and the other bashers only comes along when Ithaca experiences misfortune pontificate their tales of Ithaca woe. Anyone who has issues with Ithaca only needs to takes a look at Sterling, Iona, Excite Enquest, Afren , Mart, Pan Orient etc. etc. to see that the tide has gone out with the price of crude and has grounded many poor boats on the muck. Bankers is a fantastically run major onshore heavy crude resource in Europe and the share price has gone from $7.47 to 2.75. Would Ferret say that was management's fault? If not they why not give the Ithaca team the same benefit of the doubt.