10-09-2012, 11:19 PM
'Palm' pid='10953' datel Wrote:Not that it matters much, but I don't want people thinking that a granting of a PRL requires giving up license areas, since we will be seeking more PRL's in the future. The license areas IOC gave up that were obtained by OSH were given up when they did the last license extension request. Per the O&G Act a company must surrender a % of there license areas when they request an extension. I agree though that much of this could be scraps; probably some decent finds that OSH is used to (massive 150 columns Hohoho). Nice confirmation by Total that IOC has prime cut.
Yes, when we got our license extension we had to give up 50% of our holdings. I think they tried to give up those areas where we did not have prospects, the swamp along the coast and the mountains to the north and east. We did give up a small part of a few prospects. I think we might have recently discovered a couple more prospects for Oil Search/Total but I don't think I will tell them where they are.