Now I probably shouldn't poke fun at the authors of the...

Now I probably shouldn't poke fun at the authors of the Independent Expert's Report (IER), but today I'm feeling mischievous!

My favorite understatement in the report was on page 17 of the IER the authors state:

"Drilling of the Auriga exploration prospect is planned for Q4 2014 and, if successful, may provide significant volume upside ..."

1) I would think that if it is successful, then it WILL provide ...
2) This statement is the equivalent of saying, "If we find more gas, there may be more gas".

What I think that they are trying to say (as was pointed out in the BBY analysis) is:

"In about four months time, the Auriga exploration well will be drilled, and if successful, will have a very significant effect on the economics of the Crux project and release very significant value for Nexus shareholders. But we have not included this in our modelling".

Why wouldn't they say this? Not sure. But in my opinion the "may provide significant volume upside" is a little too understated!