NSE has a leveraged exposure to high risk, high reward frontier exploration projects in the onshore Canning Basin of Western Australia. The portfolio is split between large direct equity interests in a dominant acreage position and an indirect exposure to other parts of the Canning through a strategic 10% equity stake in ASX listed Buru Energy Ltd (ASX:BRU).

The Canning Basin portfolio is complemented by an interest in a low risk exploration and development project situated in Colorado County, Texas amongst the highly prolific onshore Gulf Coast region of southern USA. A new 3D seismic data set has been acquired for the Colorado County project and NSE will participate alongside its JV partners in drilling gas targets of varying sizes and risk profiles from late 2009 onwards.