heres the email from dave whitby.. must read

Dear Stephen

Thank you for the kind comments. I am excited about the transformation of the board, world class blokes for a world class asset base. The story of Nido was first about me and the board, the second chapter was about getting Galoc understood, funded and developed. Chapter 3 was the exploration acreage and the prospect and lead inventory. The chapter we are writing today is about the Philippines and there is no one more qualified to talk about the country then the architect of the energy industry today in the country. I am also excited that Bill Bloking has joined us, he is truly the top of the pyramid in terms of profile in the Australian oil scene and a brilliant self deprecating bloke indeed.

I look at the story in terms of 5 year plans, the Five Year Plan I was on my shoulders and was targeted at getting Nido a core area. With the exploration acreage secured, covered with new generation 3D seismic and with Galoc on the verge of production brings to a close the first 5 Yr plan in 3 yrs, 5 months and 15 days - you know how I love numbers like that.

We are about to embark on Five Year Plan II, the mantra of this period is to leverage the cashflow from Galoc to underwrite the big hit exploration in the NW Palawan. This will take 5 years as we have the portfolio depth to drill 4+ company making wells each year. If we target to drill 20 wells over 5 years that is close to a billion dollars worth of drilling (gross). The Jocot and the leadership team are on the hook to deliver this.

Five Year Plan III is the 2013 + period which is the mandate of our new board. The world will change in that period, oil supply will be less, demand more and the places to play will diminish. The new board was designed with this task in mind.

I like this approach, not many companies that started from our humble beginnings can have the maturity to think 10 years out, that is where I live my life.

Hope you are well. Cheers - Dave