most of the money for the IE report will go to the big four accounting firms that will get the job. They will subcontract the likes of Sewell, etc to write the technical report. That number seems about right and imo it is a waste of money at this stage. Read my post on the other thread...it tells you on a simple extrapolation basis how much gas is potentially there.
Read my other post about what resource certifiers do...they discount the crap out of everything. The system is designed to provide "bankable" numbers so any uncertainty gets punished until it is proven by the drill. The bigger the deposit/field, the more drill holes you need to get the certainty. Thats why NWE said wait until the four drills and seismic are done.
The simple fact of the matter is this is the WRONG time to capitulate. They could have done this after the drills and 3D are in.
I agree with@OldGeo views about WGO in part...but my opinion was that it was also the wrong time for WGO to fold...but WGO were a bit more of a basket case in shooting themselves in the foot early on in the piece, but lot more advanced in the project than MIN/NWE - so a good portion of their value should be reflected in the 39c MIN paid for Regals shares. And for the record...WGO were trading at 14c prior to bid - so thats nearly 300% uplift. Regal are not dumbasses. But neither are MIN. 39c is still cheap otherwise MIN would not be buying at 39c. DYOR
