punters,
if you haven't yet read the quarterly..
Talisman Deal: The first seismic programs in respect of these PPLs are scheduled to start after receipt of PNG Ministerial approval to the transfers to Talisman under the farm in agreements, with Talisman funding the US$11 million programs. Seismic program planning is well advanced...approval due 18/02/09
PPL 267: NGE is in negotiations to acquire an ideal rig site with existing barge access to facilitate the delivery of equipment required for the proposed well. After extensive discussions with potential rig operators, NGE is currently finalising an option agreement for a suitable drill rig to commence drilling operations in PPL 267 during
early second quarter 2010.
Cash @ bank: sub $21M including cap raising excluding any future TLM payments
exploration & evaluation expenses for quarter $796k
Admin expenses for quarter $531k
estimated exploration and evaluation for next quarter $7M+
so by the end of next quarter, NGE's cash reserves will approx half, without counting any TLM advance.
Pro's: mid next month TLM JV will be in the bag (assuming PNG Govt approval), and stronger case for 266 inclusion if seismic fruitful; 268&269 planning well underway; 267 spudding early april (April fools!!!)
con's: still some risk for TLM deal to fall over (although unlikely); 267 drill risk...if they come up empty handed, big chunk of C@B gonesky.
GL to all holders...been a tough few months
Finalization of TLM deal and
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