Should also add that GGE will increase its own stake in the project to 47.9% (from 26.4%) of the Napoleonville Salt Dome Project through a farmin agreement with Waterloo Oil and Gas.
The terms of the farmin are that GGE must carry Waterloo for at least three wells and must either carry Waterloo for US$4 m before 31 Dec 2011 or pay any
balance owing prior to this date.
Note also that Mac Bank increased its banking facility with GGE in light of the planned wells.
Cheers
SBC
$8mil market cap - 1.2mmbo , page-3
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