RE: RE: RE: OGXTO1,
Keeping 30% and being taken to full production,means that all costs would have to be paid by the farmin partner who is getting 70%.It does not mean that CGX will pay 30%.
All their costs will be paid to full production with no further dilution....I know you don't believe it,but apparently there are a number of precedents offshore Africa where small companies have been taken to full production,and maintained 25-30%.I don't know the companies,but Sully has mentioned this in several of his presentations.
As a further ponit see below from Staatsolie.Things are heating up as Repsol/Noble are drilling again as well as Impex,and Murphy is also scheduled to drill next year as well.So when Sully 4-6 wells over the next 2 years ,he is correct.
Institutional activities
The execution of the offshore seismic program, bidding
round and national database work program are in progress.
• In April 2009 Murphy Oil Corporation started with the
acquisition of 1,600 km² of 3D seismic data covering the
Aitkanti prospect and surroundings in block 37. After
acquisition and processing, the focus during 2009 will be
on the interpretation of the acquired 3D seismic data.
• In June 2009 Inpex Corporation concluded their 1,500
km2 3-D seismic survey in block 31 offshore Suriname.The operator will process the 3D data and complete
interpretation to start planning the exploration well for
2010-2011.
• Activities regarding the 4th International Bidding Round
2008-2009 and 2D regional infill seismic acquisition
program were executed as scheduled. The bidding round
for blocks 43 and 44, launched in November last year,
was closed on May 19, 2009. The bidding round did
not attract any qualified partners, and a decision has yet
to be made whether a new round for the blocks and/or
different areas will be launched. The world economic
crisis proved to be the biggest contributor in the lack of
interest in offshore Suriname.
• Other activities included the evaluation (by Repsol
YPF and its partners Noble Energy, Inc. and Petro Hunt
Group), of the results of the well drilled in the offshore
block 30. The planning is to drill a second well at the end
of 2010.