Let’s get this right…6 Mar 2024 09:06
Chevron pay CEG $12.5m on completion. Then pay up to $15m on seismic and up to another $20m towards the 50% of CEG drilling costs.
So Chevron are potentially paying $47.5m in total and we retain 40%. After all this our market cap is currently just £18m, lol!!! It’s an outstanding deal with an oil major and this is massively undervalued. And if they go ahead and strike oil, just imagine what our 40% is worth then. Just to add Chevron are taking the lead on this as operator and our $12.5m should be more than enough to cover our drilling costs which already half covered by chevron anyway.