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
WCL Price at posting:
41.1¢ Sentiment: None Disclosure: Held