As far as I can make out, Freeport have a contractual obligation...

As far as I can make out, Freeport have a contractual obligation to drill the second well. Maybe they could walk away if they pay for the well in full but why would they do that. They bear all the cost with none of the upside. So what's to talk about? Just get the rig and drill the well.
Their only way out is if we let them out or they go broke. So PVD hold their course and it will be done. I am wondering if the additional funds are to keep Freeport on the straight and narrow if necessary.
If Freeport walk they will be up for massive damages as someone has an obligation to the Moroccan Government to drill this well and left to ourselves it is most unlikely if PVD have either the ability or the funding.
So like it or not, we are tied to Freeport in this deal and we have to keep them honest.
As the drilling time gets closer we will most certainly have some price action even back to the old levels of a year.
Remember also that the first well cost PVD nothing.
The market has pushed us down because we are an Oil and Gas company and it's harder to do deals. But this is passing with the passing of every day.
So, chin up and hang in there, cough up the funds to keep the company strong and we will be on a winner.
Cheers guys,