Ann: Joint Development Program Commenced , page-23

Spot on Swift that's the reason why there was a delay between the original announcement and the funding. Gulf is like an oil version of Timbercorp. investors buy a financial product linked to a oil well. For it to be successful Gulf needs to find fields that are large in number of wells and have repeatable results across a large number of wells. Mad's fields are perfect for this type of product hence the reason why Gulf was willing to accept the conditions of the farm-in. There is nothing underhand or sly/ slick about what Gulf is offering investors. IWt gives them an opportunity to invest directly into a field and receive the tax incentives that an owner has. It is good smart business for both sides. There are investors who love the idea of being a owner of a well just like there are people who love owning trees.

There have been posters here who have tried to make out that there is a sinister reason for Gulf not putting their "own" money into it. Please try to understand what is truly happening before making unfounded statements. The delays in production experienced are all natural parts of completing a funding arrangement such as Gulfs. Gulf would have wanted as many as possible wells available and it makes sense for Mad to wait a few months since they are all free carried wells.

Time will tell wether this is a good or bad investment and it is likely to be years before you can truly measure the voracity of the business model.

GLTA
Cheers Icharus