I guess we can only compare it to other farm out agreements in the area
Winx was farm out anticipated a cost of about $15m US (Dry Hole) for a gross meanunrisked prospective resource volume of 400MMbbls and a geologicalchance of success in the range of 25-30%.
This gave Great Bear a 10% working interest with an option to buy back in following the result
I guess the real question is can 88E do a better deal? My confidence is waning otherwise a deal would have been done long ago.
IMO our farmout will result in significant dilution far more than what some on this forum is expecting
Icewine FO the Big Fish, page-4
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