I still however take issue with the waste comment. Not sure how much the company has spent in toto, but they have defined 13m lbs. So lets say they blew $15m all up, that is a touch over $1/lb discovery cost. Thats pretty good isnt it?? Im sure what the industry av is.
The point however is that much of that $15m would have been start up costs - getting leases, flying surveys, establishing bases, doing the early stage ground work etc - with the drilling coming in at the end. That start up work doesnt need to be repeated so most from here is drilling and that shoudl bring the discovery cost down
Its a good theory I guess
FTE Price at posting:
8.3¢ Sentiment: Buy Disclosure: Held
