I think that WEL is missunderstood in the market.

Firstly the SKP deal gives WEL $100 cash every year and a 35% carried intrest in the JV with $4,000,000 being spent on the project. Thus there is additional dilution required by SKP to fund this project. When this program is completed then it is WEL option to continue under the same terms for the JV except WEL will have to contribute their 35% of the funding ...

The market seams to be discounting WEL to a 2% NSR right off the top, which is a fundemental error.

The dillution of WEL can be handled via offering an additional partial wt with extra time for exercise of wts as the price moves into the 20 - 30 range. This would be more efficent and less dilutive than an additional financing. I figure that WEL should at least trade at parity to SKP due to the conditions mentioned above... Buy the time SKP has funded the JV they will have several multiples of WEL's I/O