shale gas presentation , page-5

Just look at MEO for how long it can take to get a JV sorted - they were talking it up in September last year (SP up in the 80s) and the JV partner was only announced last week. (SP down in the 30s) FIRB approval is still pending, but given it isn't a Chinese concern, I can't see much drama with the approval.

The MEOmites have been tearing their hair out over this since November last year.

Truth is, if you are an impatient sort, waiting on JVs could leave you with little hair left.

Also, while the market for gas is only going to grow, its not in crazy demand at the moment. And there seem to be plenty of prospects/projects in the world to meet the demand. JV partners can afford to be selective as well!

I'm looking for an entry point, anything sub 4 would suit me. That said, I'm not trying to downramp, just relate NWE's position to other examples out there.