Ann: Non-Executive Director Changes , page-10

Yeppa,

Perhaps he's not.

Easy to be sceptical at this point, particularly with the sp so low, but the 12mth period takes us past the drilling of Aboabo (current drilling window June/July 2012).

Here it would be prudent to re-read the DeGoyler and MacNaughton (D&M) Independent review (released 1st Sept) of NDO's Pines prospects.

As part of the report, NDO requested D&M to compile a US$ nett value/worth (after expenses) on 6 of it's 20 prospects (pg 7 in window near up/down arrows).

D&M compiled the list (pg 47), but only used a figure of 10% of the estimated recoverable resource attributed to that prospect.

In the case of Aboabo, the low estimate (P90) value came in at US$42,383 x 10 to the power of 3 (ie, multiply by 1000), and based on US$78/bbl (pg 18)...remember, this is 10% of the low estimated recoverable.

US$42,383 x 1000 = US$42,383,000
US$42,383,000/1,389,163,151 (shares on issue)
= $0.0305/sh (3c/sh)

So, should Aboabo come up trumps, and at the smallest estimated resource in place, at 100% the above 10% calculation becomes 30c/share based on Aboabo alone, based on US$78/bbl.

Comparatively, interesting to note that NDO had Aboabo valued at 70c/share on a mean level resource estimate in one of it's presentations back in May 2010.

Food for thought, especially since we know Aboabo-1X was a known gas discovery...something's going to go right for NDO eventually!