RE:RE:Stage paymentsSP - I agree that patience is required with juniors using the project generator model. I think Arcwest has been consistent with employing its business model -- and the potential for gains comes when the partner-funded programs kick into high gear. While Arcwest no longer has sole interest in the projects, they have effectively shifted exploration costs to their jv partners during the term of the agreement. Still, with their large projects, the percentage interests retained by Arcwest could pay off big for investors if there is a big hit.
In a nutshell, investors have a chance for a nice score -- but, if there is a swing and whiff, it is not a company crushing blow. Instead, Arcwest can dust itself off ... and get back in the game because the other side took on the financial risk for drilling. Personally, I like the business model ... and I have made some money from companies in the past employing it.
Disclosure: I own shares of Arcwest, just my opinions, not investment advice.