Mr Banjo, very true & a good point, Vog indicated late August, however it looked like the crew had cracked on well, & the Derek was in position on the 18th. The rig back in 2009 was 6 weeks from landing to spud. Perhaps I was too optimistic as this is a different beast.
"longer term benefit" links into "replicate this model in other African locations" quite well!
From an abstract giving VOG's point of view:
"The AFEs that RSM approved on July 7, 2016 specifically called for use of the Forpetro Rig and for Savannah to be the drilling contractor. Id. ¶¶ 26–29
(“We propose to proceed with Savannah based on the suitability of their drilling rig for our project, their competitive rates, and the longer term benefit to GdC from having a locally based drilling contractor. The combination of these factors gives Savannah a clear lead over the other options.”)."
The idea that Vog have borrowed money to buy a rig to drill two holes, is fanciful. Savannah may have bought the rig, that is there business Vog are not in the drilling services business I am concerned though, that we have not yet spudded The rig arrived in Douala in June, was on site on 26th July If we do not spud soon, have they a problem, or have Rsm got an injunction??
JRich20020 - sorry to come across all snuffalumpous, are you saying it is likely RSM object to the purchase because they felt renting a rig would have been cheaper as (1) they had a rig to offer, and (2) RSM's interest is in Logbaba and a rented rig would do for that (while a purchased rig would benefit other licences (Matanada) where RSM have no interest)?
Was busy last week getting ready for festival but after reading those abstracts again it could be read that Savannah Oil Services Cameroon, S.A. (“Savannah”) have purchased the new rig which may tie up with VOG's future direction IE "It remains our longer term plan to replicate this model in other African locations and we continue to look for the right opportunities."
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