cap raising within 10 weeks ?, page-11

I still believe that the most conservative plan would be to raise into the pre-spud optimisim ahead of Gindara.

It now seems that the 5 wells within 18-24 months announced in May last year is dead - there is no way that Nido will drill 4 more wells within 1 year (after Gindara that is) and the next well SC63 is going to be as late as March 2012.

I know that internally Gindara is thought to be as close to a "sure thing" as there is in the oil patch so maybe they plan to roll the dice (I wouldn't...).

One piece of evidence hinting at a CR is the implicit denial of a planned CR (i.e. internally funded wells).

Another (I would imagine) appealing option would be to sell for cash the shallow part of SC54 - having stuffed-up there Nido will be reluctant to try their hand again in my opinion - which makes selling it attractive.

It is on the public record what interests in each service contract Nido did intend to retain (look back at the "value to Nido if a discovery" slide on the 5 well drilling programme (which we are currently 1/2 to 2/3 of the way thorugh on the public timetable).

p1000