onto of the $13 million working capital Petro has, BKP contributes 25% of the frac costs for Mac 2.
Also correct me if I am wrong but has'nt Statoil already commited to spending $25 million on Phase 1 exploration which we are in now.
So would'nt that make the funds available for completion of phase one at the moment $13 million (Petro) + $25 Million (Statoil) and 25% of frac cost for MAC 2 by BKP.
total funds for completion available from all sources should excees $38 million. Unless there is something stopping statoil from commitiing to the 25 million in spending but i can not see that mentioned anywhere.
For phase 1 my understanding is that statoil is commited to 25 million and if they chose to they can re imburse petro for the 25 million they have spent on phase 1 if statoil elects to par take in phase 2.
Please let me know your thoughts in relation to statoils contributions and if my understanding is correct. Thanks.
DYOR
BKP Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
