The drilling costs are estimated at something like $12 million.
Giving away 25% of a potentially multibillion project for a measly $12mil seems a bit like a pretty poor deal for IVZ so the market has reacted negatively.
A capital raise, whilst also dilution, would easily raise those funds especially on the back of great seismic results, however keeps the potential profits with us.
Ann: Farm in Option Agreement for a 2-well Campaign, page-61
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