Fact is we don't need a whole chunk of cash just yet. It could be that we will have enough to flow test and do 3D, after which, assuming a great flow test, we could raise at a much higher price. I reckon we only need ~ 55 million for 2 wells flow test and 3d. IF SM is right and a 40% discount to MK 1 and 2 is correct. Lets say MK 2 cost 35 million USD, forget sidetrack, The shelf edge and eastern wells are ~ 1500m. MK 2 3500m / = $10,000 per m x 1500m = $15 million - 40% = $9 million USD or ~ $14 million Au. Call it 35 million for 2 wells and say 8 million for flow test and say 5 million for 3D is ~ 48 million Au.
IVZ Price at posting:
7.8¢ Sentiment: Buy Disclosure: Held
