pel/pela map nvg, lnc, ede, page-45

It always amazes me some of the knockers that come out to play....

Let's clarify a few facts. This is a spec, a punt, a risky play. Call it what you want.

Now lets look at some other facts..

* At 3.5c it has a market cap of less than $7m, and a EV of less than $6m.
* It has almost has as much acreage as LNC.
* It has known hydrocarbons on the acreage.
* Management obviously recognised the potential, hence NAVGAS.

Forget the LNC nearology for a minute. NVG is cheap as a stand alone shale/gas play. Large acreage, known hydrocarbons. Nearly all Australian gas/shale plays I can think off have EVs much higher than $6m.

Now add in the LNC nearology on top of a very cheap stand alone gas/shale punt.. Add in the gold...

I'm not sure how anyone can reasonable say it is overvalued at the moment.

And just a quick comment re LNC's announcement.... Lets not forget this is based on 2 independent reports, not some make believe. Mind you, the people bagging LNC today are most likely the same people who were bagging them at 60c.