nse being capped at 75, page-68

I got into EXR as well .

EXR's French permits are in an industrialised region of France which is crying out for hydrocarbons and energy .

Just over the border is an industrialised part of Germany .

EXR have worked very hard to asymilate information from historic wells and other sources .

EXR's acreage in France has analogues in US shales and is considered much more promising than the very difficult shales which the big boys are trying to get to work in the Baltic Basin part of Poland .

Even then , the operators in Poland have an interest in understating their success given that the fiscal terms have not been finalised yet .

The long Moselle permit with options for renewals could be some of the best shale acreage in the World and EXR have 100% of it . There is only modern siesmic data for 35% of the permit area .

They can gather a lot of info on virgin shales by extending wells which will be drilled for conventional objectives .

That they have not found a farm-in partner on acceptable terms yet is a reflection on the lack of dynamism in large business at the moment .

EXR need to drive a hard bargain on the farm-in and we need to be patient .

If NSE had revenue coming in then they could do a lot worse than farm in to the conventionals and a proportion of the unconventionals before someone else does .