The big difference this time around is the role of Ophir energy...

The big difference this time around is the role of Ophir energy PLC...with a huge incentive .... Best specy around for a major rerating As this progresses to a potential 2billion barrels...

Ophir Energy will fully fund the initial 1,500 square kilometres of 3D seismic up to a total amount of US$17 million.

Following seismic, Ophir may exercise its option fully fund the acquisition of a further 1,000km2 of 3D seismic, up to a total amount of US$12 million; and fund 90% of the costs of the first exploration well, up to a total amount of US$30 million.

Upon exercising the option to retain its interests, Ophir will pay WHL Energy a further US$2 million in cash for further partial recovery of past costs.

These are big numbers for WHN, capped at a modest $15 million, and its 25% interest could become very material in the near future.