You all do realise that SGC has sold NIDO to PNOC for like 800k USD and some future royalties depending when oil is produced ? So basically PNOC is funding NIDOs share of drilling which it owns. SGC won't see a cent of this 5 mil and has done this so that blue sky initiates its share of funding the drill.
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- Ann: Sacgasco Receives A$5.1m from PNOC EC Farmin
Ann: Sacgasco Receives A$5.1m from PNOC EC Farmin, page-41
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