07-18-2013, 12:07 AM
Stavros, one thing that you say here that I most definitely disagree with and think that you are wrong about is as follows: "Y’ALL NEED TO WAKE UP AND REALIZE THAT THE INDUSTRY EXPERTS ARE DEMANDING THE ADDITIONAL WELLS THAT GCA SAYS ARE REQUIRED TO CONFIRM GLJ’s ESTIMATES. XOM CLEARLY FEELS THE SAME WAY AND INSISTED ON MORE WELLS; IOC AGREED WITH THE XOM REQUIREMENT". You imply there was resistance on IOC's part to more wells. IOC always planned more wells in both Antelope and Elk and in fact had already located them at Elk 3 and Antelope 4. IOC thinks more wells will increase the resource estimates and wanted the SPA to provide for more wells before final determination of XOM's ownership percentage. To say that XOM had to insist on more wells is not just wrong but ridiculous. Furthermore, I think they are looking for wells in PRL 15 in other undrilled prospects, which should further increase the PRL 15 estimates which are the actual basis for the agreement.