RE: Whats a week between friends12 May 2022 15:00
Hi Zeus, if I can quote from the RNS
‘ Two primary candidates for a potential farmin to the Guercif Licence have been chosen from the initial responses to a targeted marketing exercise by the Company's experienced management team. The Company is proposing to offer the successful candidate a sixty day period of exclusivity to complete technical due diligence and to negotiate commercial terms’
So the process has not yet started ie the 60 day clock is not yet ticking.
When/if PRD agree Terms, the deal has to gain approval, so even if the 60 days starts on Monday (mid May) and runs towards 60 days (it might be quicker) let us assume 45 days :) end of June, we the SH might not know anything until the deal is ratified/agreed by the Authorities, let us say 4 weeks, ie end of July.
Then we can book the rig, if we have all the long lead items in place.
Given a successful outcome, which I suspect is highly likely, I do not forecast Drilling commencing until Sept/Oct, at the earliest.
A question you all might like to consider, will/can PG announce a JV deal, prior to approval by the authorities/Partner, I suspect the answer is no.
MEM