GREY:SMBZF - Post by User
Comment by
keeptryingokon Aug 17, 2016 8:08am
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Post# 25149156
RE:RE:Approaching the 60 day deadline for Seismic
RE:RE:Approaching the 60 day deadline for Seismic Information from May 2016 MD&A....pg 3. Are you sure about Chad? Maybe Guinea?
On September 24, 2012, the Company executed a Protocole d’Accord with the Republic of Chad which grants the Company 100% interests in the Production Sharing Contracts (PSC’s) on three prospective oil & gas concessions in the Doba, Doseo and Erdis basins. As part of the execution of this agreement, the parties agreed to finalize the first year work program and execute the PSC documentation by October 31, 2012. On October 18, 2012 the Company formally executed the PSC’s for the three blocks outlined above and is awaiting final approval by the Government of Chad. This approval has been received pending payment of the signature bonus to the Government. The signature bonus has not been paid and the Company is currently in discussions with the Government of Chad regarding the concessions and amended terms.
Due to the uncertainty surrounding this issue, the Company has impaired the costs incurred to date with respect to Chad
The 100% funding commitment from Essel covers all exploration expenditures including FTG and seismic surveys and the drilling of two wells. Essel will earn 60% of future revenues attributable under the PSCs, while Simba will retain 40%.
good news soon I hope.
cheers