farmout presentation pep 11, page-3

Yes, they have another week to fit their announcement of a 'commitment in 2 months.' But their lack of cash worries me. they did not raise what they wanted when they handed the hat around last time.
I'm not sure how contracting a drill works, but I can't imagine an offshore rig commiting themselves to a flea bite of an organisation like Advent with no guarantee of payment . Must Advent have a few $m as a deposit?

I can imagine Advent are wooing a cashed up JV partner in one room and a driller in another. Running between the two. Do they come out with the deal of the century or just end up broke. They have 85% of PEL11 to play with. I would think they are looking for a 15% free carry like BUY with maybe 2-3 others putting in the $40-50m (I dont really know)drill cost for 70% of the licence.

I've been thinking of prospective Partners with deep pockets that are into gas and maybe already sell into the Sydney market. ORG? AGK?

I would love to know what the industry thinks of PEL11.