PVD

It is getting $15 million upfront, cash.  And PXP from the USA will fund the cost of drilling up to $215 million.  All figures in USD.  PVD is only worth.... AUD$49 million.  For that contribution, PXP will take over as operator and earn 52% of the venture.  I think the Moroccan government owns 25%.  I consider that to be a good deal because it is impossible for PVD to find over USD$200 million for the more expensive phase of exploration.

Presumably none of my readers bought this stock!  I am considering topping up my WHN again...