It seems to me that the Permain Basin deal will not go ahead. GGP have left a lot of clues to that effect:
1. They reduced the amount of shares issued from 1 in 3.5 to 1 in 5. Is this because they anticipate having more than enough cash after the deal collapses?
2. They have been focusing on other projects. They announced a new well at Bullseye and possibilities of a well at NVille and drilling deeper at Silverwood. How can they afford all this in addition to Permain Basin development?
3. They claim they will inform the market in regards to the deal after February 17. Is this because they want to withhold bad news until after the CR is complete?
4. They have made several unexpected U-turns in the past regarding this deal and it would not surprise if they were to do so again.
GGP Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
