petrofrontier corp. announces farm-in agreemen, page-39

Serial, I don't think you can just break up the value of the farm-in based on expenses. The point is the projects now have $200m+ of potential funding and it decreases uncertainty. It would be very hard to raise that on market - imagine the dilution and the constant uncertainty of future CRs(i believe this would be even worse for PFC shareholders) and it would practically be impossible to get a loan of that size if PFC were to apply. They didn't really have much choice - and this is a very favourable outcome for them.

NSE gave away 75% of the Goldwyer for a bit over $100m in comparision (I'm not trying to bag NSE, I also own shares in NSE - I'm just trying to make the point that this deal is good for us BKP shareholders). But then there's no point discussing if PFC shareholders received a good deal or not. All I know is that this ann is definitely not bad news for BKP shareholders. You didn't expect someone to commit 500m or a billion at this stage did you? - we've only drilled half a horizontal haha and PFC has a limited kitty incomparison to Statoil a $75 billion partner with plenty of expertise!

Overall this is definitely good news for BKP the more I look at it.