RE: RE: RE: Buyout? Drilling could only have been achieved with a funding and major dilution at a price likely in the sub 20c range. I prefer the approach they are taking here. I hope for a stella 51, details of the unsolicited bid, big rise in SP and then fund for TSB3 at a 1/5 of the dilution for holders. I'll take a buyout, if that is the way it has to go, but would prefer to do it post completion of TSB1 and post drilling of TSB3. I'm in no rush to extract maximum value here.
Remember Thomas' comments in the NR of 30th Nov 2012. "light oils produced in these tests are an identical gravity and GOR to the oils recovered in the Cross River 2 well approximately 4 km to the east, which production tested in significantly thinner but virgin, undamaged reservoirs at rates in excess of 1400 BOPD. Further analysis with the newly acquired data is currently underway by an independent contractor to determine if as suggested by the seismic amplitude extractions, this is a continuous accumulation of hydrocarbons".
This could be a very significant field and as a shareholder I don't want us taken out on the cheap, after a single damaged re-entry well. For me that is not maximising shareholder value.
GLTA