GREY:ENGFF - Post by User
Comment by
wallywillon Jun 28, 2013 12:05pm
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Post# 21579592
RE:New operator for 1711
RE:New operator for 1711These timelines are purely guesses on my part:
1. A new PP will have to be closed by summer in order for ENG to pay for it's share of commitments of new siesmic for 1711. I would expect ENG share will be about $2 million. The plan is to have the siesmic this fall. Eng will need a minimum of a $15 million PP in order to cover a Lotshi drill. This amount will only be enough to drill 1 well at Lotshi if ENG were to drill it alone. Could be enough for more than that depending on a sucessful farm out.
2.The next drill at 1711 would be late 2014 if everything goes smoothly. This would satisfy the first two year exploration commitments.
On another note not only are the russians are gone but so is Petro SA (so much for them being the new operator) and as well as HRT. HRT mind you has it's plate full at the momement and has it's own issues to deal with. Good news for ENG and 1711 lets see how the PP fills.
GLTA
Wallywill