Ok so the CEO of envoi, Mike Lakin said he had been instructed to re-direct all such questions to FAR. Considering all I asked him was whether envoi was still marking for FAR and if so was there a new prospectus, I didn't think this would be price sensitive?
Makes sense why it took 2 days for him to reply as he has obviously contacted FAR (inferred by the key word "instructed")
Still waiting on FAR to reply..
My prediction is this, once capital raising is complete and the lease extension is granted, we'll hear Ophir taking the 25% option and moving to operator. Then shortly after a JV partner will be announced for the remaining share of the lease (38% if we retain 30%). I estimate this should all be done by then of January.
If this JV partner pays the same proportion of well costs (1.5x%) we'll only have to pay 5.5% of each well. At $60mil a pop that only leaves us paying $3.3mil per well with a massive 30% stake. I think someone worked out we'll have about $15-20mil (including receivables) after paying for the extension, GB seismic + 2 wells and the cost of Kora.
So we'd be able to drill 4-6 wells across our Senegal leases before we need to CR again and remember this would be without landing any reimbursements from the second JV partner.
Next few months are the key and of course all this is just my opinion.
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Ok so the CEO of envoi, Mike Lakin said he had been instructed...
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