PRE's Investment PRE have already stated that they are prepared to spend between 600 M to 1000 M in the area. This would equate to 3 to 5 wells @ 200 M a well.
I believe that 3 to 5 wells has previously been indicated by CGX!
The contract price per well could be reduced given that the drilling contractor has multiple wells to drill prior to leaving the area.
To me this means that PRE has every intention of going it alone, with the full cost, through the auspicious of CGX but PRE as the operator.
PRE does not hold the licenses, CGX does, and the fact that PRE would own 70% of CGX does not necessarily mean that they have ultimate right to use CGX's license.
However, going this route still means that PRE gets 70% of any potential profits! Admittedly it is not 100% if PRE did the drilling through PRE, but the terms of the licenses my preclude PRE from doing it without CGX.