RE: RE: RE: RE: Cash position We are not in such a bad position compared to many. We have 55% net of 22mmbo 2C now, many have nothing.
Get FEED/permitting (Governmental and environmental) and evidence of an intention to proceed with development (do we need the funds for this proof, chicken/egg) we can move that from 2C to 2P.
The 1P becomes a potential basis for RBL.
https://www.businessdayonline.com/NG/index.php/law/legal-culture/31151-reserves-based-lending-a-viable-financing-option-for-independents-and-smaller-oil-companies-part-1
Either way, MIRA are not looking for cash for wildcat drilling, TSB-3 would be an appraisal well, the COS here is loads better than pure exploration, post FEED we have proven reserves.
From NR Aug 2012.
The Discovered Contingent Resources have grown 259% from the P 50 (2C) estimate in the previous 2010 NSAI Certified Contingent Resources (8.67 MMstb) completed prior to the reentry of TSB 1 to 22.44 MMstb after the re-entry and testing of TSB 1 in 2011. We are advancing our discussions with several Nigerian Banks and other project financing avenues through debt for the development of this project for eventual production in Mid 2013. All permitting necessary to drill TSB 3 is underway; we anticipate having all necessary permits and technical work completed in the early portions of the 4th Quarter.
Late would be better than never.