A posting by t4p just after the recent CVI announcement crunched...

A posting by t4p just after the recent CVI announcement crunched some numbers on the basis of 2 deals to gain CVI's 40% interest - the original deal ($1.3 mill plus 10% of the NPV of the project) plus the second deal (US$4.5 mill plus US$15 mill of CVI shares).
I read the announcement as saying that the old deal had been superceded and that CVI now had the right to purchase 57% of Turnberry and hence 40% of Matanda for a total payment of US$4.5 mill plus US$15mill of CVI.
To clarify the situation I emailed the company and received a response from Mark Smythe who confirmed that the original deal had been superceded by the deal announced on October 3rd.
IMO an oil acquisition in either the Niger Delta or Angola would see the SP at well above 30 cents. Even at 30 cents, CVI would only need to issue 56 million shares to Petro Africa Energy and consequently SP dilution to gain our 40% interest in Matanda would be minimal.