PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Must admit don't fully inderstand the 'sweep' element
If it is after capital outlay fair enough
The dotted line for a suitably monied partner may not finalise until March maybe April
That then leaves 3 to 4 months to achieve what they have not in nearly a year
AM strikes me as all or nothing type
So back burner BFU finance drills ++
Thanks everyone
If all is rosy Tiburn yes
However i thought sweep meant the snr lender could take all above 2.5 mil
Also ther is the oil density per mile if needed for the deep why use that capacity for shannon
I'm thinking BFU is paying for itself
They now have bigger fish
Hence separate finanance for the deep
Only conjecture
M22
I don't think the accordian 20 mil can be included to pay for the 4 deep drills.
The senior lender has the option to fair market value of 5% on completion/ Termination of the loan.
By lending the 20 mil to drill significantly increases the cost of that 5% from 3.5mil now to 10 20mil after actual flowing oil .
So, is finance possible on terms only against the deep discovery, to fund the drill/JV? Separate to and as well asthe existing deal ?
He can't really opt to pay off the existing loan until the M/C is much higher.
I think he's got in a bit of apickle with money hence the skills of Nigel Little brought on board.
Hey Charlie
Have a question for you
How much does oil expand by from depth to surface atmos pressure ? Trying to work out volume of discovery in relation to potential volume in barrels
Only for my personal calcs
Very rough ans will do
M22C