While I wish the farm-in was with MEL, I nevertheless see this as a positive for us. ERM Power obviously still see the potential in the CMB and want to establish a strong presence. Payments of $2.7m to ROG plus funding of their drill program is a pittance compared to what they would have to pay for a similar deal with MEL.
They're betting on the whole thing tying up in the future, and I'm sure the ROG directors are hoping the same thing (as I'm sure they have all along).
Any further presence and influence in CMB will only assist the industry in getting approvals over the line so that we can finally get this party started.
While I wish the farm-in was with MEL, I nevertheless see this...
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