Hmmm...., page-8

True.
Less than $2.0 million in the bank and market cap of $16.m -- to sink a well cost more than $50 m.
The prospect is very attractive but is not proven, definitely not in a good position to negotiate, if Noel is unrealistic, nothing will happen.
Why would the big boy stump up the money upfront (could be a dud as well) and get a percentage of the venture, instead of acquire 100 % of TDO shares (even pay a 100% premium say at $.14 a share -- $33 m offer) and get 100% of the spoil if successful with the gas find.