RE: RE: No drilling for 1 to 1.5 yearsThis is great news! It has hinted to what I have thought all along that Georgetown could potentially be drilled first. Repsol and Tullow may not want to wait for CGX and Corentyne.
He stated that the company has US$22M in working capital and their capital programme budget for this year is US$5M while with other expenses just under US$17M will remain. “That sum of money is sufficient to allow us to drill with our partners on the Georgetown block where we have a 25% interest”, he declared. Sully noted that the targets on the Georgetown block are probably shallower and can be drilled for a lower sum of money.
More good news from 3D coming:
He said that the new target, which is below the original one, “is the kind of target that is going to attract world attention” and it was in the company’s and Guyana’s best interest to enhance it and that led to the 3-D seismic programme.
This company is not in any rush to make a stupid move or a bad deal. This has been in the making for a long time. I have every confidence in management that they will do what is best for their shareholders. They will not drill Corentyne unitl late next year, earliest, my guess. They may surprise me, but that's what I've expected all along and I hope that it will be to our benefit to wait for others to drill first.
"Money flows from the impatient man to the patient man"