The problem with this is that they look to be throwing every last cent at it to do the water flood over six months before it starts to return some fluids, then it takes years to return serious volumes. Will be interesting to see how it goes but with such a low up front cost at 23% of it gone off the top its not structured in WEL's favour. Also the gas is stranded so I wouldn't expect to get much for that.
Ann: Acquisition of 100% interest in Varn Oil Field, page-16
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