Africa Energy paid PCL $2.2m US up front and have to pay a further $5.5m US on the spud of Cormorant for a 10% interest in PEL37
PCL have 30% interest, AE bought a third of PCL giving them a 10% interest in PEL37
10% of PEL 37 is worth $8mUS what does that make GBP,s PEL 29 worth ? which is a massive prospect compared to PEL37
The penny will drop and we will re-rate in a big way
https://www.offshoreenergytoday.com/?p=250578
Things Hotting Up, page-25
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