I agree with your sentiment but I think you will find that EBR is only free carried on the first 3 of the Cooper targets. Also the $7m may be a bit smaller once EBR have met their commitments on Gilbert (5%). Nevertheless I feel EBR is an excellent investment particularly since the probability of success in the Cooper is between 20% and 30% which means that the probabliity of all 5 Cooper wells coming up as dusters in less than 10%.
Zog
gilbert/mclean drilling, page-6
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