10-09-2012, 11:56 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 their 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, Palm. My bad on the PRL reference rather than the license extension event.
The areas given up are certainly not worthless, but IOC deemed them to be of RELATIVELY less value than those retained, based on evidence/analysis available at the time.
I was extremely happy when Total jumped in to partner with OilSearch. Nothing bad can come of that for IOC.
VS