Claren Energy Corp (CNENF)

[Hamilcar54]

Smooth,

Even in your scenario (which I consider to be on the very high side) with drilling costs of 15 million$ then TGC would still end up with around 25-30% ownership if you apply the same math as I explained in my previous post and we wouldn't have to have that 5% in limbo as is now the case.

The TGC AM circular states that a well would cost 2.3 milion, this would give 11.5 million as total cost for a 5 well program. Applying the same math would give TGC 30% ownership or more.

Also I consider both scenarios above still to be quite expensive, I've heard prices for a dry hole should be around 1.5 million $

So in either scenario: your worst case or current TGC management's own calculated one the verdict is the same:

WORST DECISION EVER !