I would never say no chance.......until the deal is binding. I notice the announcement said CEA need to make a binding offer.
Scott has stated all the way along they are running a 2 horse race.
36 million is a paltry number, for what I believe could be north of 2 billion barrels equivalent, about 200 million shares at 18c.
I look at it this way.
Raising the 36 million would be a massive massive show of confidence in the potential from management and insto's.
Flip side is its risky and farm in's are commonly done.
I sense that Scott is very conservative and I imagine Lake is also.
Part of the reason I tarted the thread was to gauge shareholder's preference
Not sure where it says CEA need to raise funds in the announcement. One of the partners, Mike Spencer 40% ownership is a billionaire having sold his company NEX for 5.4 billion USD in 2018.
36 million back of the couch stuff for these blokes.
https://newzwire.live/old-money-new-deal-british-energy-tycoon-cluff-marks-return-to-zimbabwe-with-a-bet-on-muzarabani-gas-prospect/Cluff Energy Africa is putting together a portfolio of oil and gas assets in Africa. Last year, it was awarded 15 offshore blocks in Sierra Leone. Cluff plans to raise capital in early 2022.
Cluff, who has been in energy since the 1970s, owns 60% of Cluff Energy Africa. The remaining 40% is owned by Mike Spencer, the billionaire who owns London-based investment firm IPGL. Spencer, who sits in the House of Lords, turned to angel investing after selling his company, NEX, for US$5.4 billion in 2018.
Cluff energy do have experience in development, this is also Scott's bread and butter. We are very lucky we have great expertise.
IF we made a discovery I don't think it will be too hard to raise cash for appraisal drilling....this is why I want to keep as much WI as possible. It can be used as a cash raising tool.
Flip side CEA have some seriously deep pockets behind them. Spencers [ 40% owner of CEA] was the treasurer to the conservative party for 4 years, so his list of contacts would be endless.
