capping and accumulation, page-12

there is plenty of updise in this one especially when you consider at 30 June they held net current assets (ca - cl) of $125M all backed up in cold hard cash

take off the $12M div and that still gives a net cash balance of $113M

at current market cap of $400M less the $113M cash this gives an EV of $287M which is only 10x 2010 net profit

for 2011 ni price is up, production is up, excellent drilling results at miitel, south miitel & mariners and the good chance of a USNOB i can easily see mcr $3+ by 30 june 2011

i am a bit of an optimist however so dyor

cheers

t