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Think I’ll call it by it’s proper name ‘indicative term sheet’ or maybe ‘letter of intent’
Just can’t help yourself can you gob****e
I thought it was Random Bullshining Loner, myself
Have a great trip gmcc - you will be missed!
Thought it was Royal British Legion myself.
It could also stand for .....Really bad luck
Revenue based loan/reserve based loan.
What’s an RBL?
Previously it may have been expected to only drill TLP-104 in mid 2020 on sidetrack success, two wells operational in a year - now it may be 4 or 5 wells producing by close 2020.
On rigs we were told that two Companies had issued proposals and a third lower cost option was being considered. The two proposals received were both able to drill in November – so either their time slots were lost as JB took too long for some reason unknown, or a third rig option was considered due to changing events.
One reason could be the four extra drills call off option, JB in essence wanted the ability to use a rig for upto a year doing four further drills in total back to back if Djeno hits by sidetrack and wants to have first rights of refusal on the rig use, this alone could have discounted the two original rig offers as his criteria changed, the RBL facility negotiated announced Oct 22nd allows this plan to be considered.
Finals in June:
“Stage Five - A ten-well development plan for Tilapia is under discussion with the DGH, and the scale and speed of its execution will depend on the results from the stages described above and the finalisation of attractive terms for the new licence over Tilapia that is currently being negotiated.”
So scale up of drilling depends on attractive terms for PSA aswell as Djeno production from sidetrack, DGH discussions on this matter must have been positive, as it then appeared in September 27th Half year report that the specific drill sites were also now established:
“Furthermore, with the licence covering an area of 50.51 sq km, the Company has already identified multiple follow-up drill locations that can be targeted, once well TLP-103C has been brought into production to generate further cash flow. “
The choice of this specific rig is also interesting as gmcc sourced:
“SFP is a public limited company. It manages, on behalf of the SNPC rig n° 1, a drilling rig with a drilling capacity of 7000 meters. This rig, capable of producing all types of wells (vertical or sub horizontal), has produced all wells drilled to date by the SNPC.”
As he also maintained, this indicates close collaboration with SNPC who could probably supply staff who have worked with it on past drills to also minimise risk.
There could also be some sort of financial contribution/deal with AAOG/SNPC SFP as they are obviously strategic partners of SNPC for all their drilling to date with this specific rig.
On sidetrack success, this drill could be locked out for a year with AAOG, so no other SNPC drills in period by their favoured rig, indicating further support and belief in Tilapia and the AAOG partnership by SNPC.