Melbourne Proactive Presentation

DM presented in Melbourne today.
My take outs from the presentation and my discussion with DM were:

Rex

Circa 20 wells remaining to be drilled and based on Rex 2 results to date DM believes that the reserves are more like 20m not 11m.
Circa 8 more wells will likely perform like Rex 2 with the others more like Rex 1 (based on historical well log information of 50 plus wells drilled in the area which were targeting other formations). Based on these logs they are certain that oil exists so they are more like appraisal wells rather than exploration wells.
Will target the Rex 2 type wells in next lot of drilling.
Net per barrel is $30 at $50 WTI.
Aim is to drill 3 additional wells in 2020 where we take 100% share of these wells which we are allowed to do (in case where PLX cannot fund their share) or 6 wells if we have a 50% share in the wells.
It is difficult to raise funds in Canada to fund o&g at the moment.
PLX is likely to struggle to sell their share of Rex because there are so many opportunities in the market and other opportunities are larger. We have a first right of refusal on PLX Rex sale.
We do not have the funds to purchase Rex but have the rights to fund additional wells at 100% if PLX cannot fund their share.

Acquisition

Due to state of market they are looking at potential acquisitions (predominantly oil).