RE: RE: Support the teamNot surprised at all that they raised money now. They are running out of time to secure a rig and commit to Eagle drilling. This will give them the necessary funds to secure the rig for the 5th well as I'm sure they would need to put down a significant deposit. Also, the Jaguar well could be more expensive than they anticipated I believe. They said 100million and the costs could go higher considering the depth and challenges that they expect to have which Repsol recently stated.
I'm looking forward to an announcement in the near future that the rig has been contracted for Eagle. Remember, Sully said a shallow Eagle well could be done for $35million. IF we don't get a joint venture, we should easily be able to raise the additional funds to drill alone probably at a higher price once we get closer to or drilling Jaguar. Here's to hoping Jaguar is a huge success.
Smart move by CGX in my opinion.
GLTA