comparison to exr

I have noticed recently that EXR price has been moving up.

EXR like NDO have North Sea interests.

Understand these are 2 entirely different companies, assets, current market caps, management approach etc...

However - given that Ambrian covers both companies and have issues reports on each in the past month I was wondering if anyone has taken the time to compare their reports on EXR and NDO?

Not a great fan of broker reports myself and take it all with a pinch of salt - but always worth reading and applying as best one can a dose of caution.

As I see it EXR is more of an exploration play and NDO at present is more focussed on discovered assets and exploration is likely further down the track? Willing to be corrected here if wrong in that. Also EXR is nearer to drilling too which might explain the recent upside as any success might have a big impact on the share price given their low number of shares and market cap?

Also noted that Argonaut in October also issued a report on EXR.

Here are the links to the 3 reports... comments welcome

http://www.nido.com.au/files/breports/Ambrian%20Report%20-%20Nov%202005.pdf

http://www.elixirpetroleum.com/assets/30/0004_Ambrian%20Elixir%204Q%202005.pdf

http://www.elixirpetroleum.com/assets/30/0003%20-%20EXR%20Argonaut%20121005.pdf