actually its looking ok, page-12

At 13c market cap is at $39.7m.

Cash and investment in Elixir is about 40m, say after about 3 months of expenses. Petro China and ConocoPhillips value NSE's share in Southern Canning at approximately 28m after the farm in. At 68m should give us a price around 22c alone without factoring in potential drilling success.

Agree with Slampoil, Kidson sub basin is where the massive potential rests, hence the big interest from the majors.

The share price is down 33% since the ASX speeding ticket (1 month ago) without the release of materially bad information! Some nervous longs are being shaken out. Today's severe drop is either some inside knowledge or one final clearout before Merlinleigh spuds which should be imminent. Drill finalisation announcement should be any day now.

Buy side still looking thin and could drop further, but there is value here for those wanting to participate in the upcoming drilling program.

DYOR