RE: Presentation and JVFinnaly got a chance to watch this presentation as I'm currently vacationing overseas. If I heard correctly, it appears that Eagle Deep will be the 3rd well planned once Jaguar is completed. They will be looking to jv that one as it will likely cost the same as Jaguar, about $160million. I don't want to see this company issue any more shares until they have a discovery. I'd be happy to let go 40% - 50% stake of eagle deep at zero cost to us. That keeps the float down, minimizes our risk and gurantees we drill the well irregardless of the outcome of both Jaguar and Eagle Shallow.
Steve made a good point in stating the importance to get as many wells completed to bring us value. It would be an amazing result to have all wells be successful, but it's not realistic, nor would it be prudent to bet this companies future on one or two wells if we have opportunity to drill more. We have 2 wells guranteed, and if they can get this JV, they can probably guarantee the other two wells before we complete the first two. That's 4 wells this little company will be participating in over the next 12 - 18 months. All we need is one successful well to be successful.
I also get the impression that CGX will likely never produce a barrel a oil. This company will complete the 2 - 4 wells, and pending results, will be packaged and sold given that production would take 5yrs from discovery based on what Repsol stated for Jaguar, it will likely be sold shortly after a discovery.
Exciting times ahead for us longs and newbies. GLTA.