though I'd have a look at the wharf site and its interesting that they left their original GEO assessment of ep389 from 2006 open access,probably because it was a reason for a capital raising..
From what i made out their original buy in to the JV was for 25% for $700k and they could have had another 35%? on paying $4m for the first well drilled. They were very acknowledging the money paid might have been for the siesmic,but the JV agreement didn't specifically say this. This at least shows they do read their JV contracts and understood what may not be covered.i.e. they may have had to pay towards this in addition to the $700k to buy in.
60% of EP389 for $4.7m
But it Didn't happen - did it?
Obviously they have let their interest fall if that's what they were originally looking at back then. IMHO Sounds like a buy in early cheap and sell down for a free carry attitude to me,but what would i know? Probably no cash and no different than EGO,wanting someone else to front development and buy in.
DYOR+DYODD
EGO Price at posting:
0.7¢ Sentiment: None Disclosure: Held
