It would seem you made the right decision stockdon.
Paavfc, while its always nice to see Directors buy on market, as the years go buy, I find it less and less relevant, they are no more oracles of the market than we are (I am generalizing).
Investomania, 6 months ago I would have said if NSE moved fast, anything was possible, alas with I assume, all their assets as collateral for Magnum Hunter or to Credit Suis for their loan (due to the deal they did to purchase the U.S assets), even if they fold, shareholders will get nothing.
The POO in U.S dollars would have to get well past $80 for NSE to be able to economic wells (just look at all of Cmonaussies posts). The numbers say it all. NSE is not making money even with the hedges due to all the work commitments they have to complete to keep the acreage.
However, because I don't follow NSE as closely as I used to there are possibly other options, like simply forfeiting the U.S acreage (but from memory I believe Magnum will get everything).
Sorry to be so negative on NSE. As a past holder of NSE and a BRU holder (which would have likely benefited from any Australian NSE successes) its a very frustrating outcome. I feel for holders, highs of $0.80 all those years ago, to $0.01.
I think crude prices in Asia will be the first to recover, not the U.S, as that is where the oversupply is.
NSE Price at posting:
1.0¢ Sentiment: Sell Disclosure: Not Held
