"In total more than seven onshore wells will be drilled by the fall of 2014 according to government reports"
excellent.
at first i was a bit shocked and disappointed they farmed out. According to oil barrel 2012 Q&A they wanted to hold majority positions in their frontier exploration permits.
But then i started thinking about it and best case 1 well costs 30 million (going on horn/range res) petrosoma probably wouldn't be able to pay their share. and 1 well doesn't make a field. but drop 30 mill into 1 well and it can break a company. these guys care about shareholder dilution. they are not in this company just for a pay packet, they are invested in this company. and that's good to see.
yes they have projections to be making 80 mill(ish) a year from hammer-met and Aje they could have funded it with that but that's not until 2015 a long way away. they needed to De-risk somalialand and they have done it well.
Genel is freight train. tony's on a mission and he wants it quickly. the backing of this company will be huge. Genel will make Africa oil look slow.
at the moment the options are capping us. once funding is sorted/raised people will take notice.
JKA Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
