So, about $3 million US per well.
We just raised $30 million US which should,if entirely used to drill more Gwinville Horizontals, be capable of drilling another 10 wells or so , excluding the added cash from ongoing increases in Production.
In. Addition we have 7,240,000 Performance Warrants which become exercisable as to onethird upon the Market Price equaling or exceeding CAD$1.20, an additional onethird upon the Market Price equaling or exceeding CAD$1.35 and a final one third upon the Market Price equaling or exceeding CAD$1.50.
That will raise another $10 million or so.
However, with all that cash it seems more likely that they will make one or two bolt on acquisitions that could boost production ( perhaps oil ) by 2000 barrels or so.
So there is a great incentive for management to run the share price upwards, so that those warrants get into the money..