diversification, page-28

Clearly Anatol has done a great deal of work and IMO I wish I had the time to be as thorough and dilligent as he is.

Clearly he is a master investor and many on this thread would do very well to follow his investment philosophy.

I have now added him as one of my favourites.

I had been an investor in BPT for many year and have recently got out. My concern was not that they didn't have the gas in the ground but rather the cost of drilling and the cost of getting the infrastructure in place to get it out. Everything I have read is BPT will need a big brother to get it out and market it.

NSE has been very smart to get CCP involved. They have the funds and marketing to bring this to fruition.

The only issue I have with the big players is they are in no hurry to develop the resource. They put there foot on a great resource and just tie it up for the long term.

I hope NSE management, when they sold down, they put some deliverables into the contract beyond the drilling programme.

Look at TAP OIL. Its selling its projects on an NPV basis minus a discount because it cant monitise the investment any other way. One day the BHP's may get round to developing Zola. This may be years or a decade away.

The ingound value of NSE asset probably justifies the current project value of $500m (4 times $125m current market cap) but the spend on bringing it to fruituin and the infrastructure to produce LNG will be very large.

Best hope is for CCP to buy out minorities in the project at a huge premium. Great strategy by NSE management.IMO. Same as Arrow Energy in QLD.

I don't hold any as I only picked up this threat this weekend while looking for opportunities.