Like the storyPPR got a great deal with the MQX assets at Michichi. This Banff oil play was underexploited by undercapitalized MQX. Play needs 3-D and more HZ wells. North 40 Resources is now developing a Banff oil pool with HZ at Cessford about 15 miles S/SE with very good results.
Princess is a glauc channel play which also requires 3-D seismic (which they likely have) and appears to be on Crown and Heritage Royalty lands. Good IP's for sure when the HZ well is in zone.
Regarding the Wayne assets, see page 19 of their Q3 2018 MD&A. The "Wheatland Capital Commitment" (likely to PrairieSky owner of the Wayne project lands) had $9.6MM outstanding to be spent by the end of Q1 2019. That means if $$ have to be spent on wells (vs on seismic) about 6 D+C+E wells are required @ $1.7MM each between Q4 2018 and Q1 2019. If they do spend the $9.6MM by Q1 2019 that buys them an extension to September 30, 2019 to spend another $7.5MM by end of Q3 2019. Ellerslie oil play and probably lower risk but not Company changing. Maybe they could spend some of these $$ on other PSK lands. PSK likes to do deals that result in drills to feed their royalty machine.
Regarding a poster's earlier comment, a dividend makes no sense for this junior with their cost of capital on the US denom sub notes at 15% and the other debt at LIBOR (+ a margin tbd).
Would rather see them sell EVI, pay off debt and ramp up Banff at Michichi. Worth a call to Surge who bought Mt. B there last fall.
Do your own DD.