significant break above 1.8c..., page-2

Other aspect of Nido going forward is its interest in the North Sea. It has applied for some acreage in the current Promote Round designed by the UK government to get smaller players into the North Sea.

They should know the fate of their applications this month. Don't be surprised if another small Perth oiler helps them out with the North Sea interest if they get leases and need some cash to assess them.

The North Sea Promote Rounds look like replicating in the North Sea what has happened in the GOM, small independents (like Petsec) taking over from the majors who don't see targets left of a size that would interest them.

Nido have also expressed some interest in some marginal fields in western India and I understand have "put in paperwork".

Agree with you t4p that Nido has a bit going for it and should be a bit stronger in a few months time.

John C
www.oilers.com.au