On 28 July, BNL announced to the market that it would take 4 months or so to obtain a drilling permit for Enterprise. 9 Months later, management have yet to submit a drilling permit application.
I appreciate that their were changes in the rules that came into operation in January 2021. However, they should have finalised and received their permit prior to January 2021. The rule changes were 2 months after they should have received the permit.
As other posters have indicated, every day that passes costs money having to pay for the ongoing lease arrangements. Secondly, as oil and gas price have increased recently, the availability of drilling rigs will drop and the cost will go up.
At this stage no indication from management that 1) the permit has been lodged ; and 2) how long it is likely for the permit to be approved. I have no reason to believe that the revised permit application will take less than 4 months to be processed. That is likely to BNL to early July 2021.
We need an update from BNL of what is happening, as it appears that a whole year has been wasted!
BNL Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
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