RE:RE:RE:"Monster OIL Play"I see things slightly different than Kenya on this point - but generally except the 30% chance of success on a "wildcat" drill.
This is not the greatest an analogy but in the game of hockey 2.6 goals per game being the average number of goals scored by a Team - the chance of each individual player contributing to this total will vary considerably, based on numerous factors, skill, time on the ice, position played, line mates, power play time, health, the opposing players you line up against etc. etc. etc.etc.
When investing in this speculative play Taipan Resources;
Max Birley has a 50% success rate and Paul Logan is batting 80% with a combined XXX (large #) of barrels of oil discovered - including in neighbouring Uganda. Africa Oil is 7 for 7 in the Lokichar Basin. In addition to these points Max and his team used 540 fold seismic to identify the shale sand intervals that they believe hold oil along the bounding falts of the Anza Basin. This team has retained operatorship of the drill that will happen later this year with Premier Oil - on the last private placement that was over subscribed management conributed 20% of 3.5 million dollars or $700,000 - add in the Sproule report - my own personal perspective I have in my mind a 51% chance of success - this is probably naive on my part - but I believe and have seen over and over again successful individuals breed success and they put their money (skin in the game) in play - Go Taipan Resources!!
$3.0 million private placement
On the 31st of January Taipan announced that it was going to the market to raise $3.0 million to fund existing operations. The raise was subsequently oversubscribed and by late February we had secured approximately $3.5 million. Not only did we broaden our shareholder base, but we also attracted into Taipan some new institutional investors. Taipan's management bought 21% of the financing.