Ann: Quarterly Activities Report , page-4

Acamar,

Maybe just finally caught in market sentiment?

Maybe also a number of small company specif things added together:
*PPP investment sliding
*PRC investment also
*Tui production likely to be down up to 10% on plan for the year (I prefer to see that as deferal until better prices later, lol)
*Albacore failure
*Tui and Hoki drilling appear to slip
*poo slipping (not company specific, but does impact real earnings)
*no potential excitement from Romania

I did a quick sum of the parts, and imho if you exclude exploration, you really need to assign 50 cps to Kupe to justify the current sp, 25% more than the sunk capex. I am not sure the market is ready to do that, and it is not ready to value NZOG as an exploration company.

Just my thoughts as an also despondent holder.

EL