GREY:ROAOF - Post by User
Post by
L.A.on Jul 10, 2004 9:19pm
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Post# 7695992
No more dilution
No more dilutionI was talking to Art at the AGM and he told me they do not have to issue anymore stock. They will drill the southern gas basin on a farm out basis. (he would not be specific at what percentages)
We have enough money to complete the drilling program that is being done now (which is planned for 4 wells). Once the drilling program is completed they will get a reserve estimate from an independant firm and submit a development plan to the dti. When that is complete he said there would be no problem for bank financing to develop the field. THe example he gave would be 50 million to develop the field the time frame to pay back the loan at 20,000 bpd would be 4 months