agm 2013 vote pope, page-23

Boise,

Just to put things in perspective for you, OEL have also had years to save for Galoc Ph II, yet they have secured a US$37.4M debt facility to pay the major portion of their US$62M share of the project.

Granted OEL have been a bit more frugal with their money (and their work program) over the last five years and have more cash on hand, and through this they are talking about funding the balance of project costs from ongoing Ph I revenue.
In this period they have only made one (unsuccessful) attempt to drill a cheap onshore well, and this was at their JVP's expense.

NDO on the other hand over this period have at least tried to increase S/H wealth with the drilling of Yakal and Tindalo, followed up by the attempted development of Tindalo (which cost them US$42M to abandon), then followed by the drilling of Gindara.

These are commendable efforts (notwithstanding inexperience on Tindalo) at improving S/H wealth, and a pity the outcomes for two and in particular one of them were not so good, otherwise NDO would not be where it is now by a long shot.

And before any of you go on with "but look what's happened", I remind you that that is hindsight, and if we were able to apply it forward, we'd all be rich beyond our wildest dreams.