RE:Utakwaaka-1 exploration 85,5% already paid for.. Do we have any person with drill knowledge on the forum that can help us out to approximate the cash missing here to complete this drill? Cedda(drilling pro) stated that the standby cost like in this case normally is 85,5% of the grand total. I myself have no clue, waitingstill thinks we are around 25 mill short of total payment here.. (I will also send in a question to CGX tomorrow via mail)
As you all can read from the statement the parts of the drilling are already paid for the Utakwaaka-1 drill..
All is of cause depending on the approval of the government.
This is from CGX latest financial statment:
<<On February 7, 2019, to pay the required drilling rig minimum obligation fee of $5,340,000 (covering the Company's share of the mobilization fee, demobilization fee and 30-days of rig time charged at the stand-by rate), Frontera advanced the Company the full amount.<<