RE: Chance of success Highly unlikely that the COS will be that high. Tower, following 3D will drill through 5 leads/prospects . The COS varies from 39.5% for one of them down to 8% for the one with the lowest COS. The good thing about this drill is that they are drilling through 5 leads/prospects in one drill which increases their chance of strike with the one dril lconsiderably....but their MC is $80 million odd
HRT , I think is somewhere around a 30% COS for one of the PEL 23 drills.
These numbers are excellent for wildcat drilling. Usually the COS is much worse.
If anyone strikes oil off of Namibia next year ECO, with its fantastic acreage and prospects will quickly become a $100million company. Cheap as chips at the moment. I continue to take advantage of this drip drip seller. Don't believe the volumes reported on this site or google. I have bought more than the daily reported trades.
A great sideways trade, allowing other companies with deeper pockets to do the heavy lifting