Heres a link to the announcement RE Seychelles Petroleum Agreement.
http://www.asx.com.au/asxpdf/20121219/pdf/42c0zhbpjmwtxj.pdf
It would have been tight had the farmout gone ahead - comments about the required spend by Jan 2014 in todays announcement seems a main reason why the partner pulled out.
SN and crew may even go back to Seychelles and ask for another extension, and present that to the partner, to move their spend out.
In general we seem screwed on Seychelles at this point. What's the lead time to book a drill ship even if we had the funds to pay for it today? 6 months is not enough.
Bitterly dissapointed. Moreso because SN made it sound like a foregone conclusion in his recent BRR interviews.
I've got roughly equal stakes in FAR, PCL and WHN. Hoping for at least one to pay off.
Ann: Company Update , page-57
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