RMP were to earn a 20% working interest in Georgia IF we paid 40% of drilling two wells. I don't know if that happened. As far as I can tell so far, no drills were done and Range relinquished block VIb. Range still have rights to block VIa.
Range owned 45% of Strait and were iun dispute with the company over its failure to act on Georgia.
The above was announced approx three weeks before Strait wound up. Bandy has not fulfilled his promise to keep the market updated on developments. Surely the operator of Georgia going under requires the market to be told by RMP?
I have emailed RMP to ask why has there not been an RNS to notify us of this and an explanation for what has happened to our Georgia asset which was supposed to be sold at the end of this year, according to Bandy a couple of months ago.
So you are not just interested in the cash in the bank now.
Cash burn is circa Â£700k a year. we have a refund still to come. with interest on income we will burn about Â£500k a year. I have had a response from Otto and it sounds like sc55 will be going to another party to drill cinco. Must admit that bandy does not have a clue how to invest in in good quality producing assets.
I agree. Structured exit is the key whatever that means. I take it the building blocks have to be in place before they leave.
My post of a few weeks ago is still a possibility. I speculated that Hawkeye was to find out if the oil had migrated from SC55 or there was more of the black stuff.. If we struck big, we would have been quids in - with no doubt other partners.
Otto now want to move on to further tackle Tanzania, Alaska and nearby. They will have to get funding for that. So a sale of SC55 - if it is worth anything - could be on the cards to Shell?
All speculation of course, but lip-smackingly tasty if it is true - and oilriches, we shouldn't have to wait until the end of the year to see a nice jump in the SP.
BTW, what do you think about Strait apparently going under?
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