RE: RE: Don't forget The terms of the farm in agreement between Tullow and Repsol were never made public. They have a confidentiality agreement, however, it was reported by close sources that the deal was worth aproximately 200million which was the cost of the first well plus 3D.
CGX needs to do the same, first get a commitment from PRE and find another partner to pick up the other 50% of the drilling costs. CGX can't raise any more money, but I wouldn't be surprised if they try to fleece shareholders a bit more.
They have "grandiose" plans, none of which they have any means of accomplishing without overcoming numerous hurdles. Their past performance doesn't give me a warm and fuzzy feeling. I'm remaining cautious with this one. They still don't have a deal with any major.
Let's see if PRE steps up to the plate first. Too many unknowns...