02-12-2014, 04:08 AM
I checked with management . They say the pressure is on minority to close . Every dollar that IOC spends on their wells shared with them reduces the money the minority receives.
There is no requirement to spud by a certain date just show progress towards drilling . The IOC slides show tangible progress . March dates mean nothing it actual progress that matters .
With this progress the leases automatically roll over.
Every day that the minority waits is costing them big time money.
The loan is for drilling . Total had made an offer over drilling . I voted to not close the drilling agreement
with total for peanuts but drill ahead with the loan money and then sell a portion with hopefully good results.
There is no requirement to spud by a certain date just show progress towards drilling . The IOC slides show tangible progress . March dates mean nothing it actual progress that matters .
With this progress the leases automatically roll over.
Every day that the minority waits is costing them big time money.
The loan is for drilling . Total had made an offer over drilling . I voted to not close the drilling agreement
with total for peanuts but drill ahead with the loan money and then sell a portion with hopefully good results.