As we all know, the exploration program has been in the public domain for quite some time and advises that six wells are planned to be drilled. Oz-Beta-1,Oz-Delta-1 and Oz-Epsilon-1 are all on PFC/BKP joint tenements...
There is also previous advice that if BKP do not meet their financial obligations then there is contractual provision for dilution of BKP's share....
I would be extremely surprised if BKP do not suffer a dilution as they have a snowball's chance in hell of coming up with the required cash....Plus, add in some extraordinarily inept BKP management, and there is the perfect recipe for dilution!!!
One factor that could be considered is that Heritage, who have long expressed a desire to become involved in the Australian O&G scene, have a tad less than 20% of PFC and could seize the opportunity to become deeper involved via PFC, or even BKP..
As we all know, the exploration program has been in the public...
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