Thursday, June 21, 2018 4:00:23 AM
AEC US$45m: "The gross proceeds from the offering will be used to finance the Company's acquisition, drilling and other joint venture costs for its projects offshore South Africa and offshore Namibia, as well as for general corporate purposes, including listing and transaction costs"
Now we know that we will receive another US$5.5m from them by Spud of Cormorant in 3Q18. But what about the remaining US$40m?
Their share of “drilling costs” in Namibia will be free carried by Tullow. Their other Blocks are located offshore South Africa where they own 90% in Block 2B and plan to drill in 3Q19, so “drilling costs” not imminent & they intend to farm down. In Block 11B/12B they will have to pay US$6.9m of pastcosts and plan to drill in December 2018 for which they will have to carry one of its partners (5.1%) up to a maximum of US$7.55m + their 4.9% share to drill a well which should be less than US$3m, so less than 6m in total. All in all ~US$20m of near term potential costs as far as I understand.
So US$25m left for more acquisitions & farmins - AEC's Business strategy is to “Access near-term catalysts via farmins or acquisitions & Realize value through the drill bit”
I wonder if PCL will sell them another slice of PEL37? Or will they farmin to Chariot's Namibian Blocks who plan to drill in 4Q18?
GLA
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