Financial partner (very important)I believe the comment made by Sully of a financial partner (rather than operating partner) being a consideration is very important and I suspect not fully appreciated.There are entitities out there that will fund a project,at low interest rates without equity ownership...ie no share dilution.
So say CGX borrows $100 million for a deep well from OPEC Bank (or similar) ,their shares are not diluted so they retain 100% of the field with the same number of shares (135 million).
If there is a discovery they borrow another $1billion to develop the field.
They now owe 1.1 billion dollars.But if you own 100% of a multibillion barrel field that is worth tens of billions of dollars,that is easliy repayable...and the share price will be exceptional.
I hope this is the route they choose...best return for us