RE: JV - The Success Express29 Dec 2024 12:08
12. The Opportunity
Table 3: PEL 94 Prospective Resource (within licence PEL94)
Global Petroleum invites bids from suitably qualified E&P companies to participate in the exploration campaign on PEL 94.
Global will prioritise bids that include:
• A contribution to past costs on the licence
• A 100% contribution to the cost of acquiring and processing 2,000 km2 of 3D seismic
• Alternatively a 100% contribution to a Marula well as the company regards the Marula prospect drill-
ready, plus further 3D on the block.
Global is prepared to offer a proportion of Working Interest in return for this investment. Operatorship for the incoming party will also be considered.
Chaps the above is what GBP are offering and what the Lawyers will be trying to negotiate. Both sides trying to get the best deal.
Personally I’m happy to wait if necessary for the best deal - for us.
I’m positive about the company. Not so sure that sticking a date on getting the JV signed was wise. Gives the other side a lever in my opinion and wasn’t necessary or good business acumen.
Good luck.