aed buys into south madura, page-4

EL

Don't think Gigir is a company maker or breaker. The decision says less about Gigir than what Nations think of the rest of the permit imo.

In regard to Kurnia, I have never blamed COE for the overspend, there were gas shows to surface, I think it was necessary to pursue it further as a commercial gas discovery would have added alot of value.

admittedly, the haven't had much luck with their international assets, is it bad judgement, perhaps but I put it down to bad luck

Personally, I still think its a relative buy in the O&G sector, but at present its a little cheap vs very cheap and in this market I would only re enter with gusto if its very cheap which is sub 40s. Having said this I recognise it may not get there if they have success in Gigir, or big success in the mid year PEL92 mid year campaign