Guyana playing hardball, wants the Blocks backOn February 21, 2022, the Minister of Natural Resources informed the joint venture that the two commitment exploration wells must be drilled on the Demerara block per the terms of the Demerara Petroleum Prospecting License and associated Petroleum Agreement prior to February 12, 2023
ON Energy is unable to drill an exploration well on the Berbice Block in 2022; proposed that seismic acquisition on the block be shifted to commence in January 2023 and sought the Minister's guidance on this matter. The Minister of Natural Resources has informed ON Energy that he expects the Company to drill one exploration well on the Berbice block and acquire seismic on the block prior to the expiry of the Berbice Petroleum Prospecting License and associated Petroleum Agreement.
This Gov't got elected promising "no more sweatheart deals" offshore. they want the Blocks back and retender for a lot more $$$ for Guyana.
OYL has debt not $$$ to do that.
IMHO that's what's responsible for todays big drop, Material fact back in Feb...why OYL disclosing now?