don't forget what whn paid for seychelles?

this is a win win for akk and whn.

i hold akk - never ending CRs but massive US shale acerage has always been strategic driver - as a akk holder i am happy with the cash injection as things were getting very tight from a cashflow perspective with a very big drilling program planned as part of very recent CR.

from a whn perspective, this is a big win as jv partner will be easier to attract and akk would not be in a position to fund any activities due to US commitments.

at the end of the day, why would an O&G minor (in these global times) pay more for something in such a short timeframe since original transaction unless they were in the know... imho

Below is an exert from the first hartleys report on whn re initial outlay.

Transaction Details
The transaction details for the acquisition of the Seychelles permits are detailed below.
?150m ordinary shares (75m subject to 12 months escrow)
?60m listed WHNO options (strike 7.5cps, expiry 30 June 2012)
?250m performance options (strike 0.01cps, expiry 31 December 2013)
o Contingent upon the execution of a binding farmout to spend >=50% of the work commitment, including the drilling of two wells
o OR
o The VWAP of WHL?s shares as traded on the ASX is 10cps or more for 10 consecutive days
?The Company has paid US$1.5m for back costs
?Acknowledgment of the existing 6.5% royalty agreement with PetroQuest
Experience with junior oil and gas companies with large speculative potential shows likely share price appreciation with the achievement of milestones such as farm-out and securing of a drilling rig.
Hartleys Limited WHL Energy Ltd 3 March 2011
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Additionally, a transaction was undertaken with Austin Exploration Ltd (ASX: AKK), where AKK has earned the right to farm-in on a non promoted basis for a 4% equity interest in the permits.
The originators of the deal, PetroQuest International, have significant experience in exploration in both greenfields and brownfields areas where large oil and gas discoveries have been made. This includes Karoon Gas Ltd?s (ASX:KAR) blocks in the Browse Basin where the Poseidon discovery was made.