Preaching to the converted here, but i wanted to put some...

Preaching to the converted here, but i wanted to put some perspective on NDO cash cow.

Just going from the last quarterly.
2150+ BOPD.
Net cash inflows from production - 24m
Less Production opex 6.5m
= 17.5m per quarter in the candy store to

Allows NDO
Cash outflows to
Exploration 8.8m
Development 3.2m
Fiance repayments 3.9m
Admin 2m,
forex 1m
Total 18.9m

So, thats 70m Per anum to drill or develop Bara blue sky targets, or West L re-develop cash cow 2.

With 2b shares on issue, the math is quite an easy one.

1c 20m
2c 40m
3c 60m
4c 80m
5c 100m
6c 120m
7c 140m
8c 160m

So just what is 70m in the hand to spend each year worth?
And what a second cash West L re-development cow will do for that?

What is our base price valuation for our present cash cow, with the second cash cow in waiting?
(without the upside of a major find which we are drilling at Bara presently?)

Is the current 3.3c a base? undervalued? overvalued?

My view is that having 70m to spend in this game, without further dilution to the capital structure is worth more than 66m MC.

Phil, what part of that is message is lost on institutions?