consolidating nicely...

Very happy for it to consolidate around current levels for a bit longer yet...

Given that reasonable volumes have been changing hands of late, I suspect a decent bite has already been taken out of the overhead created from recent placements.

Short term...

Not sure what immediate effect any JV announcement might have on the shareprice...I guess it all depends on the terms and how the market views it...but given NDO's current market cap, I suggest there is plenty of room for a re-rating.

I suspect we may need to see something like 60-80m shares go through before it can comfortably hold a price in the high 2's (low 3's), which could take a few weeks (or months)...but if the day-traders like it, who knows?

It could even do a MUL or PNO...wouldn't that be nice!

Long term...

I see NDO's credibility slowly returning as the new management get the ball rolling on their assets once again.

This time next year, I would expect NDO's options to be well in the money, which should see them all converted, giving NDO about 500m shares on issue and at least $2.8m in the bank.

Development of Galoc should also be well advanced by then...and we may have even seen the drilling of an additional development well or two!

Nido & Matinloc should also be on higher production after their work-over's, there should be an active exploration program underway in the Pagasa Turbidites and we may even see some new international exploration activity.

Given the above, I can't see much downside from current prices, so I am more than happy to treat NDO as a long term hold and load up now and then when the opportunities present themselves.

Cheers!