CRJ 0.00% 1.5¢ caravel energy limited

Certainly watching this one for maiden drilling details in 2H....

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    Certainly watching this one for maiden drilling details in 2H. Not exactly a wealth of information being offered up on the terms of the Bezaha project, e.g. only a tiniest mention of the vendor, which appears to be PetroMad,

    "The Bezaha oil project 3114 was secured by PetroMad through a bidding process. Only three wells have been drilled to date."

    What about operator information? CRJ appear to be the sole/lead operator. The works program for the next 12-24 months will be an expensive venture: are there plans to farmout any of the 25-80% ownership?

    So, three main concerns would be at this stage:

    1. No experienced operator? Yes, consultants can always be used; however allowing a major operator with connections and 'pull' makes things very easy (see JKA strategy in Africa thus far).

    2. Financial burden. A farmout would allay this risk, however without it, how much future dilution can be expected, with 750M FPO already on issue?

    3. When will the $3M from BHP be settled and paid? This would assist with 2. above.

    CRJOA being exercised would no doubt be on the mind for an extended works program when the coy is required to drill 2 wells and committ $9M spend. One would hope if the first well shows promise, 3.5c should be very achieveable.

    Also goes without saying that Matthew Wood's continual buying seems to bode well for future price direction, accumulating a sizeable portion while he can, before the price sensitive news begins to flow.

    Any thoughts of help with the above questions would be appreciated, before i have a yack with the company. Any other questiosn to ask?
 
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