fat prophets buy rec

Hi guys, fat prophets has reiterated their buy on NEN yesterday. No news for many of us in their report but nice to see a confirmation of what we have been talking about. They like the farm in deal for 2 wells, they like the derisking and portfolio diversity, they really like the US assets and pointed out some things we are aware of like our shale play is in a formation that has an estimated five times greater resource than the formation where BHP acquired petrohawk last year. They like the cash position and they love the blue sky bit in Vietnam of course but what came through in the report was that regardless of Vietnam, the US assets are likely to be very significant in their own right so fair say NEN is way undervalued as the de risking of US assets continues.. They don't specify a price target but recommend a buy. Cheers damo