nothing is definitive, this is no different to the DNO offer that came out earlier this year... We still know that there may be a potential merger with gulflands so I cannot derive any value from this onshore permit announcement... The only value is derived from the offshore permit - which is still uncertain as to how much they are paying, most likely around 50%, which leaves audax to fund for 10-15$M themselves -> mass dilution
Ann: Farmin Offer on Sicily Channel Permits , page-7
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