Just some further clarification here. If PTR are not successful in obtaining the Lightning Rig, there may be other suitable rigs outside of Australia. The company has estimated a 6-12 month lead time from the time any deals are negotiated.
With each well costing $5-$6 million, mobilisation of overseas rigs can be a big part of this (an extra $1-$5 million, depending on point of origin).
If this is the result, the company will most likely attempt to form a consortium with other companies (possibly GEOs or Oilers), to share the cost. Beach Petroleum could find alot of uses for such a rig.
In the meantime, the team sounds excited about the Spanish prospects, particularly the upcoming geochemical testing of the Tenerife GELs. With all events going to schedule, the company could be developing the project within 18 months. Financing would be on a small scale using third-party funds, and after a viable demonstration of capacity, could be debt-financed (great for shareholders).
So regardless of GDY's decision regarding the rig, PTR will have a a string of promising global assets to define and, hopefully, develop.
Holders, here comes the fun part.....
PTR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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