I think we could expect an update any time now, May's gone so the company should let us know what's going on.
FWL has today signed a binding agreement with Taifeng regarding their fe projects. Taifeng will hold around 12% of FWL with options to increase their holding to 30%.
IXR also has a strategic alliance with Taifeng. Taifeng holds nearly 20% of IXR.
Whilst the cash from Taifeng may be welcome, I think PDY needs to take this project further before even thinking of locking in any deal. It will be hard to negotiate a more attractive deal with anyone else once PDY signs on the bottom line. It's nice to know the project has drawn some attention, but the longer we go without a binding agreement the better. Let's just get the dtr results, start drilling and then see where we are at in 6 months time.
PDY Price at posting:
2.1¢ Sentiment: None Disclosure: Held
