Ann: Jewell Unit Development Set to Commence, page-4

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chilledpain

591 Posts.

293

12/09/19

10:36

Post #: 40393807
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Originally posted by stevenjd: ↑

its still somewhat vague, what ownership and cost share, that BRK have farmed out this first well.

SHE is funding 100% of site works. Great.
But who / what share, is funding the 8m completion costs ?

"With the DSU established and a path to funding for the first well identified, the Company is
now moving forward with preparations for the commencement of drilling operations. In this
regard, Stonehorse has agreed to fund 100% of the costs associated with site works to build
an all-weather location and set the conductor casing ahead of the commencement of
drilling operations. These costs will ultimately be borne by the final Working Interest
participants, pro-rata based on their interest in the Jewell Well"

"Under the terms of the Step-in arrangement, Stonehorse has the opportunity to step into up to ~90% working interest in a Sycamore well located in the southern SCOOP
Play in the Anadarko Basin. The Jewell #13-12-1S-3W-SH1 Well."

This would suggest that SHE is funding all of it.
The cash flow metric will apply to SHE.

But the potential of the rest of block, belongs to BRK.

Expand

SHE can't fund all of the well but they have the opportunity for up to 90%. Definitely will be a DrillCo funding a portion for a share of the WI.

Wonder how much of the WI BRK will end up keeping though?

Hoping the funding arrangement is the next Ann we see.

BRK Price at posting: 1.1¢ Sentiment: Buy Disclosure: Held
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Last 43.0¢		Change 0.010(2.38%)		Mkt cap ! $41.33M

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Ann: Jewell Unit Development Set to Commence, page-4

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