RE: RE: RE: Any Updates? Question& reply from Ray It really is a waiting game ...backers and bankers will pour cash into this once the permits are approved. You only have to look at the multi million dollar deals that have been signed by the majors. We are alot smaller so bottom of the pecking order but still valuable to the province as they have a 40% stake in our success which is huge if the fields get developed.
Remember Richard & co had a similar start up with Bankers Petroluem in albania , which is now a succesful mid tear oil & gas company with a $3 dollar share price. Richard will have many connections in getting finance and lets not forget we have a $10 million guaranteed a farm-in partner in Geopetrol. Geopetrol did not sign contracts to drill for light crude so if we get permission to produce both heavy and light then the partnership will change with geopetrol as well as funding.
The province are holding out for a better deal before they sign up for the new budget which may include pushing for more autonomy or at least the right to drill for their own oil without the federal gov hinderance.
I agree it is taking too long but it's a pure play into iraq with potential billion dollar oil fields so will be worth it in the long run.