Per PSC $ 20 million work REQUIRED!!!!Hello Everyone:
Nice to see that we got rid of Kurd30, hhoc, good40. Finally.
PSC contract requires drilling work of $ 20 million to be done by June 2012, that is drilling two wells.
Holdup concerns completion of VST drilling, which is to be completed by October 2011.
To drill two holes of 2,600 feet should take minimum 45 days to 90 days, so times 2 means 180 days.
Drill therefore must start by October 2011.
Financing cannot be done in shares. This is great news as shareholders have taken this tool out of management hands. A few choices remain: either management puts up money, either Soros puts up money, either PSC is modified to allow Genel to finance in exchange for a larger piece of the pie.
With oil prices plunging, hedging by firms selling stocks and buying oil is over.
So rally in LFD should occur, like last year, October 2011 it starts.
JMHO