Ann: Annual Financial Report 2012 , page-5

Afraid so boysy. The first 12-18mnths of phase 2 will be spent paying back debt and of course admin. They need to drill to get some real interest , and without a partner/s to farm in this looks a long long way down the track. So they are cutting down on staff. If they can cut staff now when supposedly Nido is heading for it's busiest period in a long time , what on earth have all these "heads" been doing up till now? And they are reducing costs by 20%. Does this mean the big wigs will be taking a pay cut of 20% and all jetsetting looking for other opportunities curtailed. My word , hasn't the tune changed since the last qrt. The board and management team are disappointed with the share price! It's not rocket science people. If you raise money at 10 year lows by diluting a company by 40%, yes the sp will be a disappointment. Not to mention the Viking deal falling over, massive overheads, no success on farm outs, no drilling as continually being mentioned, deadlines not being met, all this could have an impact on the market seeing this company going anywhere. People will to sell at 2.6 says it all.