GREY:SMBZF - Post by User
Post by
PapaFritzon Aug 28, 2015 1:35pm
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Post# 24060101
SMB is hedged nicely, 2 drills minimum in Kenya plus +
SMB is hedged nicely, 2 drills minimum in Kenya plus +all seismic and drilling & work is PAID for. This is huge, even if they miss or don't hit a gusher on the first drill program, they can immediately begin drilling a second well on Essel's dime.
And if a Woolly Mammoth sized Oil discovery is made?? Then we will see the next Africa Oil/AOI in the making!!!
The JV partner has agreed to a minimum exploration program for block 2A comprising additional 2-D seismic, possible 3-D seismic and drilling on at least two prospects over the next 12 to 18 months, with a minimum estimated cost of $60-million (U.S.).
"We expect to finalize arrangements to commence additional seismic work on block 2A in the next 30 to 60 days.
Now that the government of Kenya has approved the participation of the Essel Group in block 2A, our shareholders should benefit from the strong exposure of a fully funded and exciting exploration program over the next 12 to 24 months," remarked Robert Dinning, president and chief executive officer.