Ann: Quarterly Report period ending 30 September , page-9

re: Ann: Quarterly Report period ending 30 Se... With a $3m increase in cash balance from the last quarter and >$8m on the way; the best that I took from the report was:

"Subsequent to the end of the quarter, Nido was able to successfully farmdown 10% from its current 60% interest in SC 54A to Trafigura Ventures III B.V., one of the largest crude traders in the world. The consideration for Trafigura’s 10% interest is US$7.6 Million (~A$8.4 million). The transaction reduces Nido’s working interest in SC 54A to 50% and is subject to Philippine Government approval. Needless to say, Trafigura’s farmin has added greater momentum to Nido’s efforts in pushing for final investment decision on the Tindalo oil field development."


Lets go Q1 2010 Tindalo baby.


For a company with a MC of just $137m and currently oil prodcution of >600,000 barrels in just 12 months of operation with exploration, drilling and production all happening in the next 12 months, I will be praying for some price weakness into christmas as I cannot wait to top up more of my holdings. I will make that substantial
holder list yet haha :) Talk about ducks in a row.



Speaking of holders, I am a little surprised at the lack of revision on the holders list considering some of the whinging on here about both manipulation and major holders exiting. Blah blah blah.


UPPERS:
JP Morgan(2m), BOOM (2m), Centaur(in): NET +4m


DOWNERS:
HSBC#2(29m), ANZ(11m), NEFCO(2m), Citicorp(10m), HSBC GSCO ECA (1m), National(8m), Twynham (out): NET -61m

STEADY:
ESCOT, HSBC Custody Nominees,Whitby, Goodfella, Marty, Moraza, Marmalade, Merryl Lynch, Fortis, Messara


Call me simple, but that explains a lot of the downwards pressure on Nido over the quarter.


Cheers,

SF