RE: Are you ready to Disko?18 Apr 2023 10:37
Agree.
These are the terms Kobold signed up to, Phase 1 is done. Phase 2 TBD.
Kobold in a first phase of the venture to identify locations of test drilling. Funding for this is stated at $3.4 million until 31 December 2022, to be borne by Kobold. For the second phase, set to run until the end of 2024, Kobold is expected to drill the equivalent of $11.6 million or 15 pre-agreed wells within the Disko licence area.
Bluejay will retain a 49 per cent interest. The company will manage the field operations until 2024 and is expected to fund its pro-rata obligation after the second phase. If Kobold completes the work in the first phase but fails to meet the drilling commitment in the second phase as planned, two per cent JV company interest will revert to Bluejay and with it control, it added.