On the face of it , it doesn't look like a very good deal , even...

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 .