Soros has taken a stake, the company is well run, has plenty of acreage with large undrilled prospects.
Company is going to drill btw 3 and 6 wells in PNG early 2011 with it's new JV partner Talisman (future takeover perhaps???). The key thing to remember here is that PNG is vastly underexplored when it comes to oil and gas and NGE's direct neighbours have found the stuff.....it's also cheap to drill there. Despite coming up dry in 2010 driling was only $US 11 million.
Any good news from early drill results will drive this stock skywards.
Obviously it's speculative, but PNG is one of the last frontiers where significant growth and discoveries can potentially be made in oil and gas.........
Either way 2011 shapes as a defining year for this stock.
NGE Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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