Salt Wash Helium3 May 2024 15:15
I've just re-read the RNS, should be some news soon regarding drilling:
"The key terms of the farm-in are as follows:
· Initial payment of US$600,000 (fully paid in FY 2023)
· Zephyr to drill, log and case one vertical delineation well (the "Commitment well"), with spudding prior to 30 June 2024, to top basement rock (circa 11,000ft measured depth) to obtain a one hundred per cent share in the leasehold.
· The incumbent leaseholder (the "seller") will have the option to back-in to the leaseholding at a 25% working interest, with no historic cost exposure, once the delineation well is drilled and a field development plan has been proposed by Zephyr. From that point forward, the seller would become a fully paying 25% working interest partner.
· Zephyr has begun the work to integrate the well planning for the Commitment well within its wider Paradox project development. Should the Company not meet its condition to drill the Commitment well during H1 2024, it could lose its rights to the leaseholding...."