RE:Straight into a Well - Now thats a ballsy move!I don't know, the price seems pretty hefty to me, I can't figure out why Max gave up half the company to acquire 50% of this Pakistan gas block? I am assuming they are done in Kenya then?
No mentions so one has to assume TPN's Kenyan days are over, too bad, I think block 1 has the goods!
"Pursuant to the terms of the Letter of Intent, Taipan will acquire the Interest in exchange for the issuance of such number of Taipan common shares as is equal to 50% of the outstanding Taipan common shares (the 'Consideration Shares') following completion of the Transaction (which is at arm's length).
Prior to completion of the Transaction, Taipan intends to consolidate its outstanding common shares on a 10-for-1 basis (the 'Consolidation'). In addition to the Consideration Shares, Taipan will agree to pay a USD$1,000,000 discovery fee to PEL within 120 days of a commercial discovery that meets certain agreed to parameters and will pay a USD$1,000,000 production bonus upon commercial production on the Salam Block."