The current deal, giving up 50% in Roosevelt with the drilling of 1 well, is better value for money than the sale that was originally announced.
The sale of Roosevelt was announced at 13Million, which sold off 100% of the project.
This deal we keep 50%, have access to 3D seismic data across the project and potential workover of the two previously drilled wells at no cost. Value as announced by the company to be at 10 Million.
I asked Terry at the last Sydney meeting about a two year plan... I was concerned that after drilling the NS project we would be left with nothing. His answer at the time was we have an 18 well drill plan. I guess the latest presentations have made it clearer what the 18 wells and beyond have planned for the company.
I am interested to see what Roosevelt can offer the company beyond the 2 years. 15000 acres are not to be sneezed at.
An opportunity to buy I think by Friday.
101
SSN Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held
