PFC not worthless. Market says PFC worth 80 million shares X .30 = $24,000,000. Used to be at $4.00 per share - before Statoil and 3 wells. Something change.
After Phase I Statoil supposed to refund PFC $25,000,000. if this correct and Statoil pays PFC then PFC will have $25,000,000. cash and remaining interest in Georgina basin. Maybe not exactly $25 million - but even if $10 million refund - .30 per share is funny. Anyone know exact refund amount?
You ask why Statoil would buy if PFC worthless. The best is to buy something worth a lot, for little - but how to buy for little? Think about that.