Alex, the easiest thing to look at is the dollar per acerage...

Alex, the easiest thing to look at is the dollar per acerage value assigned to the market cap.

The majors have been farming in to SA and NT shale at somewhere between $10 and $40 a acre. NVG is currently valued at about 40c a acre if you assign zero value to the gold.

It's easy to put a SP target based on various re-ratings on acre value. $1 an acre will get us to 6c, $2 an acre will be 12c etc etc. NVG would have to be the cheapest out there in this term, and has alot going for it in regards to location, infrastructure etc.

I'm not sure where management are taking NVG with the gas, but on any metric, we could see many bags from here.

Hopefully management will increase awareness of the upside, as this is my opinion is really all that is required to see this increase past 10c and beyond.