There is no doubt that the previous management was extremely slow and there were many plans that never came to fruition, and those that did were always faced with delays. Compared to Eric, snails move at hypersonic speed. We are still seeing the delay factor creeping in but TN's first test is to lock in a rig and get several wells drilled this year. Then we need a rapid appraisal process . We do not need another lengthy delay to re-interpret seismic and drill another appraisal well.
We know nothing about the financial ability of Sabre and whether it is dependent on raising the money, or whether TN satisfied himself as to their financial capability. Personally, I would have asked Sabre for a serious deposit or have Sabre put $6 million into escrow to be released to BRU's drilling cash calls.I really wonder if there were any other interested parties.
I there are any stuff ups with this farmout it will be a very bad outcome for BRU because nobody will contribute to another cash raise.
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