Can appreciate how they basically spread the risk. First hole was dry so they got Perseville to pony up money to drill second also dry. Now they get majority ownership in the end.
shareholders might have been worse off if they just raised funds for second hole via private placement back then.
Yes Perseville would have made out if the hit on second hole, but they didn't so they moved on. They will now own a big part of TGC going forward.
Haven't followed much but lately that is my first quick take.
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