what just happened (apart from the obvious), page-31

The problem as see it, is Galoc was supposed to be the key to unlock the full potential of NDOs assets but with production at about half of what was initially hoped this has considerably changed the risk profile. Now we await the production of Tindalo with the same potential flow risks and with high production costs even more importance is placed on the oil price. While oil prices are strong Tindalo could be an outstanding earner howecver it still has the potential to become a marginal operation. If oil prices drift its hard to see the market valuing Tindalo highly as it hardly values galoc now. NDO will get there one day but I can't help but think until a Gindarra JV is signed its hard to see real progress shareprice wise and I wouldn't hold my breath on that one.