But as you say, you have not taken into account their other...

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