Out of interest, now that NSE has deferred exploration in its W.A acreage (iMHO the reason being simply that they do not have the funding to complete the work). Does that place any risk on the outcomes of any tenements it has applied for? Or currently have tenements that are in the process of being processed, or... keeping the tenements they have in the Canning Basin and elsewhere?. As all the tenements have work commitments. I cannot see NSE being able to argue their way out of doing the work required because of weather issues forever... since we have had 5 months already of good weather in W.A.
Why not simply sell them? or do further farmouts, surely its better to do something with the acreage, that just let it sit there.
I know they will argue they are land banking or something similar, but the fact of the matter is, the permits in the Canning are for shale, and no-one, else is drilling for it....
One last question, when NSE eventually raises capital (in the near future), and Magnum Hunter end up with an even larger share of the company, can management in all good conscience, say that they have and are acting in shareholders best interests, when the company is literally being taken over without any premium?
Ok, grumble over.
NSE Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held
