What I am saying is that Invictus would not start drilling without the PEDPA, which is the segway to the PPSA. I am not say the PPSA is required before Invictus start drilling.
The PEDPA provides the framework for progression of the Cabora
Bassa Project through the exploration, appraisal, development and
production phases, the obligations and rights of each party, the
minimum work program obligations to maintain the licence in good
standing, and the security of tenure for the project duration. The
PEDPA provides the licence holder the right to enter into a 25 year
production licence following the exploration periods. The Company
is currently in the 2nd exploration period.
The PEDPA also provides for Special Economic Zone (SEZ) status for
the Cabora Bassa Project which will facilitate a host of fiscal and
non-fiscal incentives over the life of the project including legal and
fiscal stability, offshore banking, zero capital gains tax, tax holiday
periods and 15% corporate rate thereafter
So before Invictus can start producing Invictus must execute a production license. I would be surprised if the execution of a PPSA is not part of the process to apply for a production license.
Go ahead guys. Knock yourselves out and create some more dribble for all of us to waste time not reading.
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What I am saying is that Invictus would not start drilling...
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