Ndo have not drilled a deep water well. Only until they strike...

Ndo have not drilled a deep water well. Only until they strike oil in deep water will i believe the targets. Its a frontier area that carries a lot of risks. Where are the joint venture partners. Have been crowing about one coming for 2 yrs. Who is going to farm in an extremely risky and expensive area,not many companies. Only one major field in the surrounding area and thats a gas feild. Majors had been looking in the past and not found much. So which major is going to rush back now

Plenty oil specs with 1 billion oil prospects that have found not much. Looks like you get caught in the spin. You cant compare NDO to WPL. WPL actually has the billion barrel reserves. NDO has 40m or 50m oip. Potential doesn't mean success. Management made a mistake to spend 30m on the two smallest exploration targets, when 30m could have drilled a massive target. Only a big hit will get the attention of the majors, thats why no farm in.

To make matters worse the oil price has tanked, making the income received from galoc to cover overheads and produce a small profit, instead of the bumper profits. Profits are for exploration. No hedging of some production was silly. You always try and hedge some production at the start of the project to protect your investment.