Ann: Quarterly Activities and Cashflow Report, page-20

With what bargaining power are they going to get anything but the harshest terms on a farmout deal? NSE desperately needs a drill in the ground soon; I don't think anyone is desperate to provide the funds for them to do it.

They'll end up with a maximum of about 4 million in cash, from what I can see. That doesn't give them much leeway, so it's not as if they can threaten to go it alone. There's not going to be a bidding war in the current climate or foreseeable future. NSE is going to have to give up a very large percentage to get a partner.

I wish the best of luck to all NSE holders, but please, DYOR.