Everyone says the Cluff deal is bad but the reality is that the...

Everyone says the Cluff deal is bad but the reality is that the original deal was for 50% + operator for 1 well and seismic that ENVOI were trying to sell
So we would have had 40% WI left for ~ 10 million Au from a farm down.

Compared to 55% Wi maintained for ~ 2 wells uncapped for around 16 million Au [ IF Cluff pay 33% of back costs ] and we retain operatorship which means we charge the JV members for work we do.

I guess what you have to ask your self is do you think IVZ will be double or more going in to spud?
If not then not sure why anyone was buying at 15c+.

If you think the Cluff deal has gutted IVZ then the original deal would have been far far worse.