re: Ann: Update Proposed Backreef-1 Productio... Very positive announcement:-
- conditional MOU for rig signed, rig expected to be at site mid-october
- work program lodged with DMP
- possible farmout, execute confidentiality agreement & within 14 days will receive formal offer.
- it is disappointed to know that SPP not fully subscribed, if farmout secure then hope additional fund available & blessing in disguised as less dilution of the shares. In future can have another SPP but higher price?more money to company.
Today, this might not trigger the booster rocket yet, but watch out for days to come
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