Consolidation News has not surfaced so I assume it did not occur as was proposed in the proxy package.
What is interesting is that 60 days has now passed since the news of the farm-in. That means that Rockstone should be making a $50,000 payment for the addditioal 2% interest today. I'm surprised there is no announcement of seismic program commencement.
maybe Moday?
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On signing the Agreement, Rockstone will commit to fund a 50 line kilometre 2D seismic program to a maximum cost of US$750,000 (plus any applicable VAT), in exchange for earning a 20% working interest in the Block. Under the Agreement, OOI will cover the cost of the seismic program in excess of US$750,000 or be subject to certain penalties in accordance with the provisions of the Agreement. In addition, Rockstone has committed to make an additional payment of US$50,000 to OOI not later than 60 days following the effective date of the Agreement in exchange for an additional 2% working interest in the Block.
On completion of the seismic program, Rockstone will have the option to acquire an additional 35% working interest in the Block in exchange for committing to fund the drilling of a well to a maximum cost of US$1,500,000 (inclusive of all applicable VAT). Under the Agreement, OOI will cover the cost of the well in excess of US$1,500,000 or be subject to certain penalties in accordance with the provisions of the Agreement. Rockstone will have the option, exercisable at its sole discretion, to satisfy any overrun costs not satisfied by OOI (whether in respect of the seismic program or the well) in exchange for earning an additional working interest in the Block at a discounted rate.