Good question.
I think he wants to do his own thing with Goshawk, IE the 80-20% split
Obviously Goshawk bent Twiggy ear to promote the Canning land grab and I expect Goshawk is free carried during the SPA-AO terms.
Farming into which BURU play oil or tight gas.
Well meaningful farmin for BURU has to be
1, oil play what two wells cost say $20 milllion
2, tight gas say 1 horizontal well cost say $25 milllion
What percentage would BURU and Mitsubishi sell together 50%?
Can't be just BURU farming down as they be left with to small a percentage.
So farmin to both = $45 million
Or take out BURU.
Current market cap $68 million, offer 28 cent IE $100 million deal done.
Then squeeze Mitsubishi and REY out by do rapid exploration program.
That's what he should do.
Bottomline Ungani field (which is how big? ) would pay for the takeover.
Get tight gas and all the 3D seismically defined Ungani trend prospects for free!
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Twiggy move on Canning Basin, page-23
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