Statoil has decided to invest 25 million for phase 1 together with 25 from Petro. That is a great and crucial decision! No need for money until after 2 or 3 holes are tested and results known! Great. And When Statoil decides to take the 25% of this huge project, Petro will get 25 million from them. And of course nobody would say no to 25% of this huge shale play after paying 4,5 billion for Bingham with much much less acres.
When price of pfc will be higher than 1,10 or so, the warrants will have to be taken and paid for. So no need for financing then.
It looks like blue sky from here on for Petro!
Congratulations for this great management to pull Statoil into the play! Total paying 190 million to get into Central CTP is validating this PFC play also.
And all we have to do is wait and sip a nice wine or so!