No you're right, eagle deep is still open. The problem being, how deep do you need to go, and how close to the unconformity/top of the reservoir do you need to be to hit pay dirt...

I'm assuming CGX paid for the Jag-1 drilling (which by the way is drilling through the same Maastrichtian/Eocene reservoir updip, which will conclude the migration theory proposed by previous Eagle-1 drill results).

Costs could overrun there too if the storms affected the performance of the rig/team. So they will dilute. If management is as good as they say they are, they'll make sure the company offering the money will pay the right price (IE, between 0.9-1.4$/sh)... Or lets say the average of the last two/four weeks. Diluting at this 35ct would be really tough...

Tullow oil SP is holding fine. But that could be on Kenyian results.

Anyway. What are the cash levels like? (10-20 mln) Whats the prospect like? Still big? Are we still in unknown territory? Have we yet to confirm Abary-1 kick of the 80's...

I just added up 50% avg down position to 52 ct. Risky. Avoiding moving above 7.5% of portfolio barrier.