RE: Excellent BB Research.10 Dec 2019 11:39
The option agreement is at AAOG's discretion
"The Rig Agreement gives AAOG the right to contract the rig for TLP-103C-ST and a further four wells at our call"
James Berwick, CEO said "We are very pleased to have entered into the Rig Agreement and look forward to commencing operations at TLP-103C-ST as soon as the Rig becomes available. The Rig is the most suitable rig available in country and will come to TLP-103C-ST directly from drilling operations for a super-major. The Board of AAOG appreciate that drilling operations will commence later than we had hoped but, following the problems encountered in drilling TLP-103C, it was important that we found the right rig for this drilling campaign to avoid any similar issues."
Why would JB have negotiated a contract for 4 additional wells if he couldnt envisage 1 side track being drilled...