The expected farmout deal. 20% of the reservoir for 50% of the drilling costs plus an option for 40% of the reservoir. I think this deal is good and we are closer to the next steps:
"Kepis & Pobe Financial Group Inc. (KPFG) will fund up to a cap of 50% of the cost of the
Welchau-1 exploration well (Farmin Funding) to earn a 20% equity interest in the Welchau Farmin
Area, ...
KPFG may also elect to fund a further 50% of the Welchau-1 well cost to earn a further 20% equity
interest in the Welchau Farmin Area (Option)"
The Steinalm carbonate has the potential to become a company maker for ADX but will not break ADX anymore in the case Welchau is a duster because of this farm in deal and because the oil discovery Anshof can become a little cash cow to keep ADX running.
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- Ann: Farm-in Funding Secured to Drill Giant Welchau Gas Prospect
Ann: Farm-in Funding Secured to Drill Giant Welchau Gas Prospect, page-4
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