Thanks Ya and BJDVT for your comments and encouragement,I've...

Thanks Ya and BJDVT for your comments and encouragement,

I've sourced the Hartley's Oil and Gas book and picked up a few ideas for the next version.

A good point raised in these evaluations is that there is little or no accounting for the timing of future projects. I'm thinking of a way to account for this as well as the all important factor of funding. I reckon that there should be a difference between the value of a lead, a prospect and a prospect that has a rig contracted. The value of Gindara would leap when a rig is booked.

Operator quality is also very important as we have seen with Galoc and GPC. Nido have shown with their seismic and now drilling operations that they can get things done on time and presumably budget. They have a first impression opportunity to show that they can get oil to market quickly. If so, then the timing value of Nido's portfolio increases dramatically. If not, then the market values the exploration portfolio like every other company, expecting delay, deferral and excuse.

Regards,

opt