drill rigs, page-4

Hi Shippar,

The company's latest preso states 1Q2012 for drilling results / JORC targets / JORC. But yesterday's announcement states South Pentland drilling was completed 2 months early, so maybe we will see a JORC target for that area early too. I think they have done enough drilling to come up with a target, but need to wait for the results before they drill further, which hopefully will be infill drilling at 4km spacings to give an inferred JORC resource.

The fact that the results from the five drill holes announced so far were so good, combined with the fact that coal seams in this area are highly continuous, bodes very well for an underground coal mine at South Pentland. As you say, rail and port from the North East Galillee are under utilised, so the value the market will give any resource will be high. Therefore, this will not stay a $45m market cap stock for long. Let's say the target is $1bn tonnes valued at 30c per tonne which gives $300m, or about $1.50 per share.

So Noble Group getting more shares at 20c is ridiculous, but then again the value Noble adds in terms of bringing buyers and other deals is substantial.

All IMHO.