great anns, page-16

Well.......... at US$100/boe Nido will clear about $85/boe.
That is AUS$130 million per year in nett income to Nido. Apply a conservative PE of 5 you get a market cap of $650m - or about twice what it is worth today. Go for an ultra conservative PE of 3 and you get about $400m market cap - around 40c per share. Add in this todays story out of the Phillipines that it looks like Coron? is going to be drilled this year - as well as one or two other wells. Production from Coron North unknown but Coron (not North) had an oil column of 120m when drilled by Fletcher Challenge. So could be big flows and a reserve of 80mboe to 100mboe with upside potential to 300mboe. An exciting year coming up which will have to be reflected in the SP.