secures foothold in galilee basin, page-7

EL - good question - the announcement is not clear, so i have put in a call to WCL to clarify -will post their response. I am pretty sure the 21TCF relates to the WCL permits.

I did remember from other announcements that AK had an interest in permits in the Galilee Basin.
I am not sure if these permits are those ones, or if he has other permits in the GB as well.

I think for 3.5m WCL shares, this is a bloody good deal for WCL. that's only about $1.75m for 14,000 acres and potential 21TCF of GIP.
*WE still keep all our cash.
*Very minimal dilution.
*100% ownership
*Big acreage.
*Seems to be in good location.
*By purchasing in GB, we are not paying huge money for blue sky potential.
*Importantly, assuming this is good ground, this acquisition gives WCL "bulk" - that's one of the issues that the predators look for. That and quality. Thats what PES had.
*if we had tried to acquire any or all of the Anglo assets we would have been looking a tens millions $ and an equity issue for sure - so this is a v good outcome.

its looking good for those who can be patient!
cheers