The company believes this divestment to be the best strategy for the asset as the activity proposed in the permit will not result in a drillable prospect until mid to late 2013.
No point in sticking around. We dont have funds to cover the admin costs till mid to late 2013.
At least now we have a little breathing space. So if we had roughly 450k in the kitty plus 650k from selling SD and Bullseye that should put us around the million mark.
Which is enough to covers our 72% stake in FP but not enough to cover a dollar more. I dont think they'll play it that tight. We'll get a farm down and put about 500k towards it i reckon. I hope we do go all in at FP. We should by this stage have the best understanding of whats down there and where to drill.
We should...
That does post the question of why GGP pulled out. I guess they were cutting a fine line at the permian basin. Drilling lots of low production but almost guaranteed holes. Versus our all in attempt at decent flow rates.
Im surprised they announced they had pulled out before finding a partner for their % though? Or did they relegate responsibility to cough up their funds without actually getting any cash from the new operator? (if we ever get one)
Even though its no safe than putting it all on red or black. Those stats are better than the luck we have had with every hole drilled...
VIL Price at posting:
0.1¢ Sentiment: None Disclosure: Held
