relative oiler market caps, page-16

But as you say, you have not taken into account their other smaller producing JV, Jingemia, which produces around $1 ml a year. Also the fact that the 1.25% royalty in the Puffin field incurs not expense to NWE. Recovery rates of the field between 50-69%. The north east field estimated 40 mil barrels, South west estimated 40 mil barrels, and the drilling of the Puffin-10 well.

Then there are the Azalea and Wisteria projects, not to mention the UK North Sea projects.

I am not putting down ELK here Davo22, don't take me the wrong way. Just pointing out that the comparison to NWE was a little harsh considering their potential going forward.

Cheers mate

Greg