Fully agree with Wizard that we must remain grounded but this is starting to look like a really good company now with so much potential. Martin Hull is not a lifestyle CEO, he is a serious, well educated and well connected businessman. I am really looking forward to 2020 !!
As I have said to others who have written in, we believe this deal provides on multiple fronts with cash upfront, continued drilling, a funded development and further upside if our remaining material exploration wells come in. Of course we all would have preferred that TE9 and 10 had come in and we sell for a fortune but we have yet to unlock the basin with the drillbit and this deal enables us to do just that whilst taking some cash now and moving to first gas with a carried position. We have decided to proactively engage again with shareholders after the signature of the deal rather than now at exclusivity award. Most shareholders had been begging us for updates so hopefully we have now provided that. Most of the inbound so far and industry commentary I have seen is positive by the way. At the end of the day we are selling roughly half of our main assets for a significant uplift on the current market cap.
T5 is still a large gas field. Given Shell and Repsol have acquired the adjacent acreage tells me that Morocco is significant. Given location, regime, tax breaks and geographical location to Southern Europe I would be simply amazed if a suitable bid has not been tabled. If we were going long, I think we would have been informed by now. I think 4 didgits would have had us an LE at the 02 arena, a pound plus sees us at some LE function like balls bros.