my understanding is that AJ Lucas (ASX:AJL) has farmed in to 75% of this project and therefore will pick up 75% of the capex.
AJL refers to the MPO capex in results presentation released yesterday.
"Gloucester Basin Phase II development plan agreed – Expenditure of $13m - $15m over 18 months planned – 12 core wells, 3 production pilots, aeromagnetic programme and seismic reprocessing"
On this basis MPO contribution is 3.35 million - 3.75 million.
If QLD can become cash positive, capital raising may not be necessary.
MPO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
