I don't understand how there is no downside - maybe not much until drilling Morocco given people may went to take position leading into the drilling? But once drilling, downside is huge. Of course there is upside also should they be successful. Africa is littered with Aussie juniors that got nuked over the years - most have disappeared from the boards. If you look at NEN, TPT and PCL in more recent times, you can see what happens to a junior when they drill and come up empty. Sure, they might find oil on the drill in Morocco with Plains, and that would be great if the find was commercial, but if they don't, then they are just left with a stake in **on and a stake in Madagascar and the share price will be under 20 cents. The first few drills in Morocco of late have all been dusters. As have most the drills in **on. And if they do find oil in Morocco, they then have to work out how to fund the development of the field should it actually be commercial. But of course there will be value in the find which will reside in the company pending development. A 25% stake in deep water for a commercial find, they would need at least $150 million and 5 years surely to crystallise some cash flows? It's a real roll of the dice I think - best of luck to those on board.
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