RE: Silent9 Mar 2018 15:25
In tandem with the Druid/Drombeg well operations, we also began various work-scopes for the planned drilling of the 48/24-K Barryroe appraisal well. These work-scopes include well planning and consenting, together with the preparation of the Invitation to Tender ("ITT") for the procurement of a drilling unit, which we plan to issue in early Q1 2018. In parallel, the Company has continued to engage with interested co-venture partners and earlier this month, HAVING REACHED PROVISIONAL AGREEMENT ON KEY COMMERCIAL TERMS with a potential farminee, we have granted a period of exclusivity to them in order to conclude contractual negotiations which, if successful, would deliver a multi-well programme at Barryroe. However, given its conditional nature and subjectivity to final contracts, no specific commercial details are being released at this time. Shareholders should note that there is no certainty that this farm-in will be concluded and further announcements will be issued in due course and as appropriate.