Before CRC came into the picture, EME was up for 60% of costs on prospect 1 on Dempsey trend, which I presume is Borba, with a 30% WI. XST is up for 24% of costs for 24 % WI.
Both EME and XST in recent announcements this quarter have stated that without some sort of cash injection, they would be unable to fund projects, and in their own words, without funds they are unlikely to be going concerns in the near future.
The WI on this project and possibly Alvares will need a major rewrite.
All the JV partners including SGC will be heading towards a CR in the near future. SGC’s end of September down payment on their rights issue won’t last long.
GLTAH
Before CRC came into the picture, EME was up for 60% of costs on...
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