Spoke to Michael.......

Excellent! Thank you for that data. There is little to do but wait and make sure that G&A costs really remain low. No-one is going to be very excited about drilling in the short term but at least Brent is making a recovery already. So they might be able to get more JV partners.

Wiggling

So what is NGE currently worth if it will shortly be debt free and with cash worth 2.15c per share (AUD 18M)?

In the short term, maybe not the 8c that one of our posters has said they want, but would 4c be a possibility? More? Recent purchases by company insider at 1.5c per share suggests that they think current pricing is very good value even with current oil and gas prices.

To the 2.15c per share in cash - would add 50% share in Maps Tuna (which owns the drilling rig) - not sure of its value though (and likely less than originally cost to buy and modify given current oil/gas pricing and associated rig reductions around the world)

I thought there were also quite significant intercompany loans to Maps Tuna as well which are repayable to NGE (does anyone have any estimate/update on this?)

Maps Tuna income from drilling (possible dividend to NGE? although I would think this might be quite a way off - should get a better insight into this in the next quarterly as per CnS' conversation; at least this should reduce or defer any further need for NGE to pour more money into Maps Tuna )

Possible additional USD8 million (AUD 10 million+; or more than 1c/NGE share) in a couple of years time from the sale to Santos - the PPL is in a very good location and almost certain to have a discovery (drilling problems some years ago by previous owners stopped testing of what seemed like would be a discovery). This PPL would also be higher priority to explore and develop now as well given the announced expected pipeline to next door P'nyang (spelling...) which gives a pathway to commercialisation

One other tenement now owned by Exxon and Oil Search that has very significant payments accruing to NGE in event of discovery and development

Two main remaining tenements, one of which seems highly prospective (Maisy prospect being proved up and extensive oil/gas seeps in the tenement) and quite easily accessible for drilling and extraction (especially if an oil/liquids discovery)