RE:RE:RE:Almost 3 years solo life in Turkey I agree with you Hanna, their partner(s) will want them to put some skin in the game. As they are contributing all of the 3D data and processing and reprocessing, own the land, put up their share of the testing of the last well (and drilling?) and with this have skin in the game, I would expect that a partner would want to see them come in for maybe 25% and Farm the remaining 75% to them on a 100 for 50 basis. Guessing a 10 well program this time (For producing gas and not for science) around with well cost +- $10MM their share would be $2.5 MM/well or $25MM total.
It's all about timing. They need a bit more size to be joining in a $25MM program. I agree with others, Sean has said for a long time that they were contemplating multiple acquisitions. Get one or two more acquisitions under their belt .. Get the 3000 bbls/d producing aqnd then anounce a partner to join in the Thrace the stock is, IMHO $5 - $6. Then do a $25MM offering to join in the 10 well program.
Now youre in the big leagues, drilling for a big chunk (62% ownership) in a 10 to 20 TCF gas field and the $25MM raise has only cost 5MM shares, so the issued share are still under 100MM! Then watch the share price go BOOM!
That's what I would do anyway.
DYDD
Best of luck to longs,
Doc.