Hey Modula, I think the SP will start to climb a little once...

Hey Modula, I think the SP will start to climb a little once Cyrene spuds but in the mean time, I continue to do a little research.

This is from the recent preso (which I might add is quite good):

Now, my take on the above, is that BRU has already spent $500k. So that means BRU only has to pay $2.5 million towards the upcoming well.

The wording 'incurs a cost to Key' is quite ambiguous.

As my initial thought meant that any cost above $2.5 million are fully payable by KEY (%70) and Indigo Oil (%20), only after the well is drilled will BRU/MIT get their %35 each..?

Regarding the coring, yes the Goldwyer is to be cored, sorry I am still learning about costs, but at a guess, it would seem it would cost more than, say, OBL's recent drill in the northern Canning Basin. Hopefully others more knowledgeable can assist further.

I like KEY because its got its toes in two great Basins, Perth and Canning. Still not ready to buy in, as all the recent issues, board, deals etc turned me right off.

Good luck to all holders!