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OK cool, thanks ST.
Looks like some nice big chunky buys coming in now!
Thanks for prompt responses.
From yesterdays RNS - "While the majority of support services for the drilling have been confirmed, the final well timing will be subject to the release of the rig from the previous operator, securing the last remaining services and equipment, and receiving the necessary joint venture and regulatory approvals."
So what are the approvals mentioned in last line above?
'..permission to drill'.
It's a good question Lowboy.
The contract for the drill has been signed, that should tell us all we need to know regarding the permission to.
Additionally everything of value has already been agreed with the Government including fiscal arrangements which means there is very little if anything to be gained from not permitting the drill.
'Following the signing of the Treaty, Carnarvon commenced extensive negotiations to secure a Production Sharing Contract (“PSC”) with the governments of Timor-Leste and Australia, and in consultation with the respective government regulators, Autoridade Nacional do Petróleo e Minerais (“ANPM”) and Noational Offshore Petroleum Titles Administrator (“NOPTA”).The Treaty between Australia and Timor-Leste was ratified in August 2019 which finalised the maritime boundary change. Immediately following the ratification, Carnarvon signed a PSC confirming ongoing title to the Buffalo oil field and the surrounding exploration acreage.One of the key conditions of the Treaty was that the affected parties, such as Carnarvon, would be granted security of title with conditions equivalent to those previously in place under Australian domestic law. Importantly, Carnarvon’s PSC achieves a similar net back after government taxes and duties to Carnarvon, when compared to Australia’s offshore PRRT regime.Carnarvon also received formal recognition for previous work undertaken whilst WA-523-P was under the Australian regulatory regime. In particular, the approval of the Environmental Plan to drill three wells into the Buffalo field by NOPSEMA was accepted by Timor-Leste authorities and will continue to be utilised in the project.'
https://ar2020.carnarvon.com.au/projects/buffalo-project/
Can anyone confirm if this has been approved?
Yes, given the potential revenues to a developing country such as Timor Leste, I think this is a formality.
But is this the "elephant in the room" which is preventing this share price from taking off?