RE: RE: sedarNone of this is news to me...NOR should it be to anyone that has money sitting in this start up... LET us NOT forget that in any manufacturing process the first widget costs 100X the next 10MM... and so SNV is about to kick out it's first...
I like that tho... 4 months behind schedule... I didn't realize SNV was working under JW's schedule...
Keep it in perspective... this is NOW an O&G company with a new venture in one of the most politically unstable regions on the planet... "I"s and "T"s don't JUST need to be dotted and crossed... they need to be triple checked by a dozen eyes... AND I have to say DO not be surprised if there IS NO new financing... BUT that money comes in the form of a multi-National (*ahem* from the Netherlands) white Knight and a 3rd party farm-in... WHY do all the heavy lifting at 50% of your captial... when you can use someone else's ? and still get 20-30% of the cream? After all IF you have been paying attention... a single production well will run about 1 Million... and based on my research and experience SNV et al will need approx 500 (nice round number) wells to achieve approx 30-40K BOE/D. ANYONE that is surprised that SNV MIGHT need to hit the equity market... maybe ought to start thinking a little farther ahead and realize that OIL production IS a capital intensive business... same folks probably think that O&G companies making a "profit" just take that money and squirrel it away in a BIG vault like Scrooge McDuck...
Lastly... our existing JV (50-50?) means that the preliminary $10MM cost of the deliniation is really only $5MM
O&G overnight successes take years and years and years TO ACHIEVE... anyone looking for a quick profit here WILL like JW be seriously disappointed for at least the next 2-3 years... UNLESS that white knight comes riding in before the new year...
It's my opinion git yer own...