RE: Cheap1 Dec 2021 10:32
The JV situation in my mind played out as follows -
(based on my recollection from various podcasts)
- CB was in discussions with an interested party, they visited sight for due diligence + were in the process of completing legal paperwork (dotting the I's). Unless this particular deal was contingent on license approval, the interested party is either still waiting, or given up and moved on (which would place the blame on the licensing system not ECR).
- CB then made it clear that he would only JV with the right company, but the phone is 'ringing off the hook'. He made it very clear that he was only interested in partnering with a big boy. I felt at the time that Craig's flippant (and mildly patronising) dismissal of the 'other' interested parties was a bit OTT.
- Craig announced that we'd be drilling CresWick ourselves. This was either part of the original JV's requirements (prove up the ground more and it's game on), or the deal was off so Craig had no choice but to kick off the campaign himself. OR, the initial partner is still waiting for the licenses so Craig didn't see any harm in drilling some holes in the meantime (possibly risky if the results are poor as it may deter the partner.. or on the flip, give ECR room to negotiate a much better deal).
I think Alan (or whoever) should ask about the JV situation in the next podcast. We have no clarity or closure.
Craig seemed particularly stubborn when it came to JV's. But Craig is no longer with us. Will the new team decide that a deal with a smaller entity is better than none at all? OR are we still waiting for licenses, and then potentially bag a monster deal with a big boy and send ECR into the heavens?!
I'm gunning for the latter!
GLA
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