RE:Re QuestionLet's hope this investor call upcoming here sheds light on how the JV will pay for the expoloration wells. We know what the total cost will be.... now let's hope Frontera management gets asked some tough questions and they provide some answers.
Either way, I still think Frontera must be incredibly bullish on the Kawa-1 well. They have spent a large amount of money already on WI, CGX shares, seismic, etc... to now go into the well without a new JV suggests to me they must feel very confident about their chances. Then again, it Kawa-1 does not succeed (as recent Exxon wells have shown its possible in Guyana), Frontera will be abolutely crushed on their share price (not to mention CGX).
Anyway, I still take yesterday's news as very positive. 1-yr ago we were entering covid lockdowns and CGX was plummeting to low .30s. We are now looking at drilling the first wells in over a decade and seem to be positioned for success. Of course the money issue still exists but let's hope we CGX shareholders do not get screwed.
As of this message, we are back up to $1.05. Hopefully after the Frontera investor call and more discussion among industry professionals, new retail investors jump in. I doubt it will take much to push this price up quickly.