Anytime now. They have had several interested parties visit their data room and discussions have been ongoing sine June, with a number of additional potential farminees also assessing the opportunity. Certainly more than one potential farminee.
What has helped the cause no end is the recent Dorado discovery, with CVN having climbed from .14 to .69 on the back of this huge resource. They have a 20% stake, so even if IPB negotiate a 50% stake with a farminee they are in a great position as they currently own 100% of Idris.
They have a P50 Resource Estimate 68.6 MB. P10 Best Estimate is 159 MB and the commercial threshold only 10.8 MB.
Permit recently renewed for additional 5 years. Shallow water, less than 80 metres and a shallow reservoir Depth (800m ss)
Low cost Appraisal well ~ US$12m - target 2019, and fast commercial development with low development costs.
Market Cap a measly $15 million.
Anytime now. They have had several interested parties visit...
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