The other factors Groucho, in isolation, may not add to much but collectively I think they do, they are:
1. The data that NEN got fom Salinas is what the likes of KAR & other O&G would have in that the mid to majors have the resources to have this data and NEN has similar data which puts them ahead of the rest of the pack and effectively they are punching above their weight. 2. Also they have focused on this data and the region relevant to the data, fortunately Vietnam has proven to be quite a holer of O&G 3. I would not for a moment understate the presence of Alan Stein, I followed up on his PHd and he is a specialist on this sort of thing which was proven by Ophir and Hardman 4. ENI's substantial technical knowlwdge is on tap and free for 105 & 120 5. ENI wouldnot be in this on a wing and and a prayer, they would have some comfort around 105 & 120 6. NEN asked for block 105 and on the back of the data that htey already had they were not gazing into a crystal ball, that had meaningful 2D Data
These factors added to your comment to me, make NEN the best riak reward play in the market that I know of.
The other factor which is ot often mentioned is that since the GFC the market has changed and palyers are inclined to take less risk as many were, as buffet says caught without bathers when the tide went out.
NEN Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
