GREY:ENGFF - Post by User
Comment by
Columbus1494on Jan 31, 2015 2:01pm
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Post# 23385123
RE:RE:RE:MD&A
RE:RE:RE:MD&A1711 is moving very slowly.They signed an exploration agreement with Gazania last year and since then they have negotiated with Gazania and Namcor regarding a JOA.Energulf expected a signed JOA in august 2014 according to earlier nr.Now it seems from the MD&A that the negotiation is over
and they are waiting for a signature.With a JOA they can plan for seismic and then drilling.
Drilling is 2-3 years away in a best case scenario.3 years remains in this work period and they have to drill one well.
It is strange that they havent closed the pp.Earlier Energulf said they expected it to be signed within 3 days.Maybe there are other problems?Maybe problems in the negotiations regarding an extension of the lisence?Earlier there were some news that the Congo government demanded that Surestream and Eni should pay much higher annual fees than earlier.
Surestream and Eni seems to have been reluctant to give in to these demands and there are some signs they are loosing their lisences.The Congo government said that the blocks held by Surestream and Eni would be tendered.