I still maintain the best way to unlock the potential value here...

I still maintain the best way to unlock the potential value here is a merger with Otto. The market will continue to discount both companies as separate entities but I feel a consolidated single entity would be a much more compelling prospect for the market to become excited about.

The joint market cap of both NDO & OEL is currently about 170m ... cashflow alone from a joint entity would be 130m pa with less overheads and greater economy of scale and also a much bigger resource potential from SE Asia to Africa.

I personally can't see any downside to this arrangement for both sets of shareholders from an economic perspective.