MOG 0.00% 0.5¢ moby oil & gas ltd

set to bounce, page-8

  1. 104 Posts.
    just a reminder for mog 2010 annual report

    (This working capital
    position enabled Moby to discharge the standby
    funding facility put in place in May following cost
    overruns in both the Cornea-3 and Braveheart-1
    wells, and ensures the Company has sufficient funds
    on hand to continue with its exploration activities,
    regardless of the outcome of the Artemis well.)




    The acquisition of Rankin Trend, the holder of the
    interests in WA-360-P and WA-409-P, proved to be a
    valuable one, as that company subsequently farmed
    out to MEO and then, subsequently, agreed to sell
    a 5% interest in the WA-360-P permit to MEO for
    US$7 million. The transaction will put the Company
    in the most positive working capital position it
    has enjoyed, exceeding even that achieved when
    listing on ASX in July 2004. This working capital
    position enabled Moby to discharge the standby
    funding facility put in place in May following cost
    overruns in both the Cornea-3 and Braveheart-1
    wells, and ensures the Company has sufficient funds
    on hand to continue with its exploration activities,
    regardless of the outcome of the Artemis well.
    Despite having agreed to sell the 5% interest in the
    permit, Shareholders still retain considerable upside
    exposure from the retention of a 10% interest in the
    permit in the event of success at Artemis

 
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Currently unlisted public company.

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