Thanks for the heads up.  I have just read the report.PLX raised...

Thanks for the heads up.  I have just read the report.

PLX raised $3.2m in October 18 to fund 2 wells (Rex & Lower Manville).  The warrants were issued at the same time and have a conversion price of CAD $0.39 per share.  After drilling of the first Rex well they should have about $2m cash remaining (my rough calc).

PLX has $2.5m in convertible debt maturing 28 June 2021.

The completion cost of Rex well is $1.1m.

Based on this I agree that we should be able to secure at least 30% share of future Rex wells.

Based on WBEs cash, TEG and using the comparable EV for PLX to WBE we should be trading at 0.007 cents per share ( this excludes Xanadu contingent payments and Warro).

As outlined previously the Rex well is transformational for WBE and PLX.  It is 90% oil at last quoted rate of 340 bowls (and rising when testing was ceased).

The current make up is 72% gas and they only receive about $6 boe equivalent for the gas.