the minus $45m team ! take me over pls!

NSE current market cap is $56 million
Cash remaining - $50 million
Market value of Elixir shareholding - $1 million
Lets say $0 for Heintschel

Therefore, the value of its Canning Bsin interest + Merlingleigh is 56-50-1 =$5m
SAD BUT TRUE - just $5 million it would appear.

Now here is the real picture..............

WE have to take into account about $100 uncommited funding yet to receive from Conoco/China Pet - value adding to NSE's final 25% holding. Equivalent to about $25m value adding exploration spend yet in incur and free to NSE.

AND of course China Pet paid the equivalent of $29 mill for their 29% (and presumably they share the uncommitted expenditure funds of $100 in proportion 29:46).
This means each 1%of Canning interest is valued at $1m.
This is in addition to then implied value of $25 million of exploration spend on NSE's final 25% holding.

Therefore, the value placed on NSE at current 18.5c is actually
+5-25-25= Minus $45million !!!

Therefore,

The value placed on Sam & his team AND the board is ......
Drum roll ...... MINUS $45 MILLION !!!!!

That is what the market thinks of them....Shame Shame Shame

[Works out about 33c is a fair takeover bid price using
above figures].