LOL, they have been looking for things to buy for ages. At this...

LOL, they have been looking for things to buy for ages.

At this rate, it looks like we are more likely to get the Ironbark results before they announce any acquisitions with the ~$50M available cash.

Perhaps they will prove me wrong now that I have said this.

Personally, I am happy for them to sit tight. If Ironbark does not result in a discovery then I am in favour of liquidating the business and returning funds to shareholders.

The only thing interesting about NZO right now is Ironbark - and that's because a discovery of such magnitude would be to transformational.

Without a discovery are we really going to try limp along with $50M?

In that situation I would prefer to distribute Cue shares to the NZO holders, sell Kupe, wrap up the business, pay redundancies etc and then return all remaining cash to shareholders.

Shareholders can then decide if they want to keep the Cue shares or sell them on market.

I am very bullish about Ironbark, but also temper that optimism with the fact that these frontier plays are more likely to not result in a discovery (based on a pure probability view).