I see an insolvency question here. IF EPR cannot pay for the drilling, they are in default and need to either withdraw immediately or declare bankruptcy! That has not happened at 999m of drilling and commitments to drill the rest.
The farm-in partner is paying hard-ball, granted, but EPR may have a white night in the background in the form of the cash ready investor.
The potential farm-in partner may have contacted BPT to buy the share direct at evens.
I see EPR going through the drilling of Fermat-1 and finding the $2-4m of drilling cost from an 'associated' party.
On the drill side - I'm bloody hoping for a good gas column that's been as wet as Melbourne over the past week!
EPR Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
