Bad timing or what Although the price is interesting from a risk reward perspective it is kind of scary whats happening in the gas markets relative to emerging and even established producers and prices.
Big oil has long term time horizons (greater than 10 years) in terms of investing activities and deep pockets. Not sure the group behind this has the same depth or pockets
I was contemplating snagging a 100k shares but I personally struggle with this deal being pulled off. I would be a little more comfortable if there was a termination penalty. I'm doubtful there is one which is problematic given the play has been delisted in favor of the signed of the JV and moo will be mooing if the leases expire for failure to complete requirements.
Even if the capital is secured and the deal proceeds the company still must prove the economic viability of whatever is found
All I have to say is good luck. This company is a going concern and will need a capital injection sooner than later. Do the stars align? That is the question of the day.