Gop are paying 95% of an estimated $5.7 mil for Gilbert 1. If its a flop they are shot. They only had $5.4 mil in the bank. On the other hand, If it comes in they are set.
Eagle Bay resources are only funding 5% and if it comes in its worth $0.42 to their share price (@56mmbl)
If its a flop ...the Rig moves onto Maclean (EBR 25% free carried with 77mmbl potential worth $1.20 to EBR)
If its a flop then their Cooper basin drilling should be underway (5 wells worth $0.62 to EBR free carried)
If they all come in its worth as much as GOP on a Gilbert strike but if none of them come in EBR still has $7mil in the bank and gold copper uranium assets and a Graphite mine.
A much better bet IMO
(figures based on Stockanalysis report Sept 05)
fc
GOP
gippsland offshore petroleum limited
