response to asx..., page-5

bwana...

Previous reports have added a figure of 10c-16c to NDO's shareprice if Galoc gets the go ahead.

Unocal pulling out was a real kick in the guts for NDO, but given the limited offtake potential expected from Galoc's unstable sands, it is perhaps understandable for such a large company...especially given their renewed focus in other parts of Asia.

But for many mid sized companies, a 2500+ barrels per well field, is still very much a commercial proposition...especially one holding mean reserves of 150m barrels (+50m barrels)...and especially given the technological advances of recent times.

Now we have the Pilippine DOE effectively giving the green-light for accelerated oil and gas exploration in their country, which puts NDO in a prime possition to find another farm-in parner.

But that is not all, you also get a set of 6 steak knives...the "Terbidites" have the potential to host elephants and is where I see the greatest potential for NDO.

If they can arrange a serious farm-in partner for the Pagasa Terbidite play, it would have an enormous impact on their shareprice.

The one negative for NDO at the moment might be the Coron North permit, which they might have to relinquish in February unless they can quickly organise a farm-in partner or re-negotiate the terms of the permit with the DEO, which, given their new push for the area, might be a possibility.

Cheers!