uncovering undervalued oil and gas stocks-nen, page-26

I've thought about this a lot too.

My preference is 5 (stress just my preference).

In keeping with the strategy I would want the company to reduce the development, then production risk. After expending significant effort and assuming the risk of exploration its time to reap the benefits - rather than take on additional risk associated with ramp-up.

We would likely take on some other risk in using the farmed-down proceeds for further exploration anyway.

What I dont want NEN to do is enterain a takeover (if approached). This is also a possibility.