In fact is was mid September 2007 instead of August. Notwithstanding current economic tide, NOT looks in far better shape today (more dilution is the only con here).

Since we watch NOT so closely we underestimate the true development which has already occured, and it is highly positive in a desperate market. What NOT need is not only triple size E1, but some proper commodity prices recovery, more stability on the funding side in the market (to empower the Majors in their possible bids) and normalised conditions on the stock markets. It goes hand in hand and is almost inclusive. One hole will not do it or it should be a real blow out which may compensate for some of the other requirements mentioned (and not yet have arrived at our table).

It is no shame we are at current SP levels, although we may have expected otherwise based on speculation of important extension of E1 alone. Let me be the lone voice: Normalised market conditions (for Majors, shareholders -both funds and Retail-, even government spending in infrastructure) are a prerequisite for a normalised value and SP.

The psycho factor plays a role here, so many enthusiastic at C$ 5 (with far less tangibility at the time) implies fall out of asks once at current levels, that's just the way the condition humain works. Credibility and Transparancy will be key going forward as these are viewed as condition sine qua non (Wes, here is your big chance of a lifetime).