Ann: Canaccord Initiates Research Coverage , page-3

This is a decent attempt to push the stock up. I read it a couple of times and I must say I agree with Phil's approach of building production to try and internally fund some of the exploration work NDO needs to do.

Its going to take a couple of years to build production. However it would be great if a major could get cracking and make a couple of discoveries in the Palawan. That would kick the NDO price up more than anything.

NDO has said it wants to look outside of the Philllipines - but where? NDO might consider Myanmar - onshore (LOL)

Seriously these guys need to get GalocII, Lincapen West and Galoc Nth flowing (5000 bbl/d). Then they may be ready to go after something outside the Phillipinnes.