Noticed in the broker reports it makes mention of getting that $7m cash from the options. Written as if it is expected.
Agree with you Dhon on a lot of the points with partners around us and prior drilling. Also, although they give a geo POS of around 23 to 24% for a stand alone drill for trident, we have to remember they are drilling at least 3 targets( could be more, but we await direction from galp)with the one well and the core results from the old drills into the permit have not be factored into this POS either from my understanding. They have treated it as a stand alone. The POS for TMA and assaka is lower, but for a financial COS you add them together and based on statistics the play here should be as good as or better than anyone else drilling in the area. Therefore my view is that this is one of the best plays in Morocco offshore now with exception of cap juby as that is already proven...and that is very close...you don't get much better than that.
I also like that we are drilling in a zone to which esso thought was oil in 1968, but with hindsight they may of not drilled deep enough...another plus...and also a fact that the gas kick on one of the wells caused a drill failure and they decided to abandon. Old drill data and logs, with modern data and equipment and 40 odd years of knowledge, is very encouraging. Classed as frontier play, but I think it is better than that and it has been very under sold to the market and left under the radar.
A $200m plus market cap before drilling is not out of the question here and I would go as far as $300m but we are a long way off of that right now, a lot further than any of us old dogs would have imagined 12 months ago.
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