romania worth seeing very positively

and makes perfect sense to me for NZO.

NZ is the logical place for NZO to continue it's emphasis, however it is not a particularly oily part of the world, and areas of greatest potential are mostly seriously expensive and risky offshore frontier areas, NZO is still a very small company for that game.

E&P oilers typically spread their risk, undertaking worsification geographically. NZO needs to do the same, and NZ also needs successful OUTWARD investment. Fletcher Challenge Energy did it successfully, no reason NZO shouldn't while it is led by someone with serious international industry experience.

No point in competing with the horde of ASX lifestyle oilers, hence the need to go further afield.

Romania has the attraction of being part of the EU, getting permits there now has the same attraction as those such as COE,STU&BPT picking the best bits of religuished STO acreage in the Cooper basin 5 years ago, except that it is an oilier area and arguably it more open to the application of technology advances. Imho ADX and Salisbury are probably adequately linked into the right networks to have a fair chance, and now is as good a time to bid for acreage as we've seen since 03.

I also see NXS's interest as a good sign, they've shown a fair bit of astuteness and selectivity even if they have perhaps played too riskier a game for their size.

Easy to knock anyone in NZ who has ambition for more than milking the cows or fleecing the masses via Dodgycorp Ltd.

EL