MN, I have just picked up on your 15 Dec posting, Couple of small but important corrects: Firstly CNOOC only have 5 days from all the deal conditions being met to exercise the Option to take up the 19.9% for 31.5c; approx $28m. That date is expected to be end January early Feb 2011. It is the security options that CNOOC take up thta expire in Dec 2012, ie: they must cough up another $28 by then. So, we will see CNOOC making a decision to do the placement at 31.5c within 4-6 weeks well before any drilling starts. Also $14m coming in from existing Option exercises by 31 March 2011, total $42m in the Bank and a further $15m from existing Options exercised by Sept 2012 PLUS the CNOOC option exercise for another $28m Total cash 2011/12 =$85m AND CNOOC are paying for $50m in drilling. What a deal.
EXE Price at posting:
23.0¢ Sentiment: None Disclosure: Held
