01-29-2014, 10:54 AM
Who has considered this fact. With all the upcoming drilling the minority interest has to pony up in advance cold hard cash .
With 3 wells announced for drilling start by March end and well costs of $50 million per that means $150 million to drill the 3
wells . The cash call to the minority interest would be at least $30 million. Petty cash to whom ????Further if they do not wire in
clear funds in 20 days they lose their minority stake . All per the agreements . Check it out!
So to think CC has all this leverage is just not so !
In fact IOC can make the cash call and get part or all of the minority interest for zero. How about them apples.
Conclusion so CC better hurry and sign or start raising money. Petty cash who thinks?