RE:What’s in it for Shore?We all knew they didn`t have money to drill the next two wells at this point, we all knew they needed to get that money either now or later in some way and that money ain`t free either way (unless from the 1700BOPD cashflow but that would take time, costly in it`s own way).
Yes they are not "in a rush" to raise money for the testing of Casca and tie-in of Coho as they already have that money as I understand things but they are in a rush to get going with Chinook and Royston.
Because the thing is any future major planing on infrastructure etc is on hold until those two can show what they sit on and to start planning on development and infrastructure is meaningless before then.
So do we want the positive cash flow to finance Royston sometime late 2020 or do we want a small dilution to finance it next week ??
Being part of the instant gratification generation I will have to choose the latter option to be honest.
Now before this raise Paul stated Chinook to be spudded in April and now we can read the reason for this PP is to "accelerate" the exploration program.
So, the price we all have to pay for this is a dilution to our stake in this company, now what I and we all should expect in return for this is indeed an "accelerated" program and that would in my mind be a spud of both Chinook and Royston in April drilled simultaneously, now that is what I expect frome here on now.
If this turns out to be the case I can easily live with this PP.
Now the clock is ticking and I expect an announced path forward asap after this PP is closed to see if my expectations are fulfilled or not...
And if only Chinook spuds in April and Royston sometime 2H 2020, that was the plan all along before this NR, right ? And if so nothing has been accelerated from this PP as far as I see things.
Accelerate is the key-word here...so Bring on Chinook and Royston now, and both of them !