expect 50mmcf per day in june, page-4

a similar takeover case:


In 2010, Afren took over Black Marlin at A$110 million.

UK-based Afren PLC, which concluded a A$110 million takeover of Black Marlin Energy Holdings Limited, a holder of 11,000 sq. km (net) of exploration interests off the Seychelles coast.

Black Marlin has interests in 12 high impact blocks across East Africa –Ethiopia, Kenya, Madagascar and Seychelles.

TOTALLY 1,287 mmboe-- 1.3 Billion bbls in place. (2Dseismic)

If you compare Black Marlin with NDO. Obviously NDO has much higher regional potential. needlessly to say NDO already produced 0.5 MMbbl per year.

Any takeover bid should be higher than A$110 million IMV.

SP 60c in 2008, 20c last year, after 2 wells failed, SP now 3.3c, but no debt and $20million cash on hand.

You will never find another ASX listed stock, whose MC is less than $46 milion, producing 0.5MMbbl per year, and $20 million cash on hand.