This is a great deal for PGS , in the context of what they had before it ie they had:
- 537 M = $8M mkt cap @ 0.015c
- 30-50% (with the larger greater potential South @ 30%)
- No cash
- $10.5M farmin by SXY = seismic + 3 x drilling
- 50% CSG permits in NSW near areas that major players have plugged out & they can't keep throwing money at it, with assured success - a political hostile environment)
Now
- 537 M = $8M mkt cap @ 0.015c
- 20% across the board (ie only 10% less in Southern)
- $5M in cash (no matter the result of drilling in PEL 514) to raise that @ 0.015 = 300M+ shares issued 62% of co.-
- (still) $10.5M farmin by SXY = seismic + 3 x drilling
If they hit oil
- free carry of $45M (ie $9M) expenditure by SXY
- $7.5M - net well head oil bonus
- $5.0M - 8M barrel bonus
- $5.0M - additional 4M barrel bonus
- still have 20% of the action
I believe those complaining, are hurting from higher levels (fair enough) or have sold over the last few months. PEL 514 is a valuable asset but the bulk of the area had passed onto SXY in 2011 via original farmin = this deal de-risks PGS as a high leverage oil/gas play, with cash in the bank & the high probability of near term cash flow - those that don't like it keep selling under 2c > buyers will be well positioned for any success in drilling that SXY will undertake shortly & from the terms SXY must have liked what they saw in seismic data to date....GLTA
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Last
3.1¢ |
Change
-0.001(3.13%) |
Mkt cap ! $18.27M |
Open | High | Low | Value | Volume |
3.2¢ | 3.2¢ | 3.1¢ | $8.735K | 277.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 400000 | 3.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
3.1¢ | 45752 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 400000 | 0.030 |
1 | 181426 | 0.029 |
2 | 119999 | 0.025 |
1 | 149000 | 0.020 |
1 | 1000 | 0.018 |
Price($) | Vol. | No. |
---|---|---|
0.031 | 45752 | 1 |
0.038 | 100000 | 1 |
0.039 | 183175 | 2 |
0.040 | 72500 | 2 |
0.042 | 500000 | 1 |
Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
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