hard to fathom, page-16

"galoc 2 is going very well, and to quote our CEO (galoc2is a game changer)cheers Tom."

That may be so Tom, but NDO has run quite hard on potential Galoc news, and combined with somewhat lukewarm news on West Lincapan, is starting to stretch its fundamental valuation somewhat. It would take a strong reserves upgrade from Galoc for it to press on to the next level.

If you look at a chart of NDO and a chart of OEL for the past few months and factor in the positive Galoc news, initially NDO rallied more strongly on Galoc news in terms of its market cap than Otto did. NDO is having a bit of a breather now while OEL has played some catch up by getting through to 10.5 or thereabouts.

NDO has gone from 3 to 4.4, which is a 46% increase. Market cap is now $90M for 23% of Galoc.

OEL has gone from 9 to 10.5, which is a 17% increase. Market cap is now $120M for 33% of Galoc.

NDO currently has a higher valuation on Galoc in its share price versus Otto. If you are viewing it purely on the Galoc news by way of the market caps of both companies, NDO is due a breather.