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As a LT-investor, I am focussed on the company's prospects. The assets in the US and Asia are both promising, as we know there has been drilling and subseq. production success (US), as well a successful underwater spuds by the majors (Vietnam - who are scrambling for african and south-east asian plays).

Whatever the CR will be used for, its going to be used to develop these exciting assets. At the moment they have not been developed, so we are 'risked' with no upside. At least with development there is potential to 'de-risk' and/or realise any upside from measurable hydrocarbons.

In terms of paticipation. If there is an opportunity, I would like to participate even if it is at a premium as my ethos is about building the business and realising the potential. Its all value accreditive. If there is no opportunity then I will be diluted, but can purchase at the post dilution price and 'participate' as though I was eligbile.

I know management and their approach is distinguisable by their multi-project pipeline; assembling a portfolio of staged assets to limit the need for endless CRs. i.e producing projects to fund exploration projects. In my opinion NEN is a high risk speculative O&G company, that on a ROE basis is likely to be in the top quartile. This is due to management approach. Compare others who endlessly raise, and come to nothing. At least we have a well defined strategy, not hit'n'miss.