Re-reading the farm-in agreement announcement, I would say there is a lot of scope for needing more funds.
PTR talking in the range of 7.5 to 30 MW. *I"d have thought $20mm from beach would pay for a 7.5 MW plant and other surface facilities (excl export line), but wouldn't cover much of a 30 MW plant. *BPT's 10mm towards 2 wells may not cover all the drilling and stimulation costs for these two wells, and two may not be enough for a 7.5 MW plant, and certainly not for a 30 MW plant. *The announcement will not cover the full agreement detail, nothing to say "full free carry under BPT have spend $30mm"
I tried to buy a few this morning, but as I wasn't placing order in real time, had to up the bid twice, and still missed. My attempt was uninformed by any rumour, had been waiting for a retrace, but after yesterdays move thought I might miss, probably have (at least at these levels). Was suprised at the aggressive competition.
EL
PTR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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