Thanks for going and reading the PLX presentation, lfo.
Since PLX was financing 80% of all shared projects they would have burned through a heap of money. Whilst the completion cost $1.1M, the drilling costs was also a similar amount, whether that came out of the $3.2M or they had used existing funds for that!!
If they are only getting $6 per boe for the gas, how does that relate to their cost of production being $13 per boe. Big losses I guess. The bigger the share the bigger the loss, very ugly.
The turnaround with the Rex’s is going to be huge, but won’t happen until the oil production is really happening and the dates for drilling the next series of Rexs are contracted.
Both parties seem to have available finance to pay for all the production development and at least the next well.
Clearly WBE can finance their 30% easily, PLX could run out of money by the second well if it is back to back. I’m hoping for back to back to back etc.
Ha ha, exciting times are coming.
Saltbus
WBE Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
