A few observations and questions..I ran a small spread sheet...

A few observations and questions..

I ran a small spread sheet last night and looked over the projected profits to shareholders from going ahead with the 50% JV and the dilution of capital for chemical flood at Grieve.

At $50 oil price and loosing 1/2 of the revenue to the JV partner we will see $2.25 in cash per share out to 2026.

If our share capital is diluted from 60m to 100M shares it drops to $1.35 per share.

So at 100M shares and a oil price average of
$80 the eps over the project is $3.60
$100 the eps over the project is $5.10
$120 the eps over the project is $6.60

My question is what are the 50% JV partners going to supply to us the owners of the project in return for the $600M (assumption $80 bbl average, 15M bbl recoverable) in oil revenues they will recieve over the life of the project??

Been waiting around since 05 and share the frustration that we could not move fwd when we had the cash and the strong oil price but at least this way we may get something out of this. Mixed emotions!!!!