Supertramp,
I became a seed investor through a company called Accelerated Farmins, originally run by a couple of people out of Canberra, including Ian Whitchurch who you will know if you've been here at HC for any reasonable amount of time.
Blackgold,
I'm not Jocam as he lives in Canberra, is an ex Australian Ambassador to various countries including Israel and Thailand (I think) and is also a director of NTO (as declared in the disclaimer on his newsletter). Me, I live in Hobart as I've indicated in a number of previous posts, spent 20 years in the Australian Defence Force and now take the time to enjoy myself and spend time with my kids.
As for dirt, NTO has a three fold strategy of early production, brownfields and greenfields prospects. The Texas dirt will cost about US$100k per well to drill (with a little extra to complete successful wells) and is likely to give the company say 50 bopd at US$50/b or cash flow of say US$750k p.a. That's more than enough to keep the lights on in the office, pay all admin expenses and have a fair whack left over for exploration in the large greenfields prospects in the NT. There is of course the farmin to Moriary-1 with EGO that will see a fair kick in the value of the company should it be successful.
All this will likely be realised through an IPO of say 20m shares at 20c per share to raise $4m giving the company a total of about 35m shares on offer. There will be options (both short and long dated) but they will pay for themselves should the share price warrant their exercise.
Cheers
Badfish
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