logic says...

That NDO need to secure the future of the company prior to the spud (or at latest entering the reservoir) of Gindara. The future of the company requires secure tenure over acrage by having the ability to drill required wells.

On the most basic level this dictates that they will either farm-out the remaining acreage or raise capital (or both). Either is dilutionary when viewed as each shareholders effective "working interest" in NDO's acrage.

If they do not do either or both of these things and Gindara is dry they will be raising capital on very unfavorable terms and running out of time to secure a farm-out.

Perhaps the recovery in KIK and the dip in NDO is because KIK is now looking more secure (although a non-performing operator would likely see KIK loose their share of the acreage too - but the market does not see this).

On the basis of the above, stand by for some action in the next month - farm-out or CR or both...

p1000