On the face of it , it doesn't look like a very good deal , even if oil rises to $70 fairly soon .
Anyone know whether old wells were shut in due to water cut ? If so decades ago , the oil/water contact may have re-established enabling them to be recompleted and produced with a lower water cut .
A candidate for a waterflood or CO2 EOR project ?
Struggling to see the upside but don't want to sell at 1.0c before the results of due diligence .
Don't see how they can raise A$17m and a sale of their existing assets surely wouldn't raise much .
Maybe they raise enough money to front all of the money for operations and the A$17m gets gradually taken out of the revenue .
Hopefully they are not going to resort to convertible death spiral financing .
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