I never said anything about sle paying for anything.. honest!..but again it says it here ..
At the same it is also taking its partner’s 22.5% net working interest in the Tarfaya Onshore licence, though this time Petromaroc will shoulder its share of the costs during the current exploration period.
Chairman Oisin Fanning said: "We are delighted to have acquired additional interests in our two highly prospective licences in Morocco at no additional costs to the company
Reading between the lines one needs to draw ones own conclusion as to why PetroMarco relinquished their interest for no financial consideration. Whats your guess?
However it is apparent from what Dean has been posting that this is not a free ride for SLE, they will now have to pay additional exploration and working costs, the costs that PM were obligated to pay. (+22.5%?) And someone is going to have to pay the penalty fees for not drilling the exploration commitment well by April 2014. I guess that $1.5 million is attributed to 22.5% ownership so there may be another 77.5%to be paid by the other licence holders.
Like I said at the start of the day, "you never get owt for nowt" and as many a Granddad used to say "if it looks too good to be true ....etc etc"
The spin doctors posting here will have you believe otherwise, if they possibly can.
"They are still holding their share in Zag at this time so maybe as a company they have decided to concentrate on gas?"
Lanny, Not according to their recent press release where they state continuing interest in both oil and gas.
"We are applying disciplined, well-proven technologies and risk-management practices to create long-term value from natural gas and oil for our shareholders and the people of Morocco,” Feuchtwanger said."
Chairman Oisin Fanning said: "We are delighted to have acquired additional interests in our two highly prospective licences in Morocco at no additional costs to the company.........its easy when you knowhow!
Dean, just to remove any doubt it appears you are calling me dishonest, that is not to be trusted. Are you sure you wish to state that on a public forum.....I would have thought you of all people would know better.
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