Market Reaction: Positive. This addresses crucial funding issues for the Company's 2016 capex program and the C$0.55 per share transaction price is at a 25% premium to yesterday's closing price of C$0.44/sh. However the heavily dilution on our valuation could materially reduce the potential upside. Zeg Oil has been issued 75.7 mm shares for US$30 mm. Zeg Oil's affiliate will provide Oryx with US$40 mm of drilling and other services related to the appraisal and early production of Zey Gawra. US$2 ....
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STRATEGIC INVESTMENT WITH ZEG OIL
- Published:
01 Mar 2016 -
Author:
Stephane Foucaud -
Pages:
2
Market Reaction: Positive. This addresses crucial funding issues for the Company's 2016 capex program and the C$0.55 per share transaction price is at a 25% premium to yesterday's closing price of C$0.44/sh. However the heavily dilution on our valuation could materially reduce the potential upside. Zeg Oil has been issued 75.7 mm shares for US$30 mm. Zeg Oil's affiliate will provide Oryx with US$40 mm of drilling and other services related to the appraisal and early production of Zey Gawra. US$2 ....