Rivermore fyi - from 12/11 'Large Spanish Prospective Gas Resource Certified' announcement: "The Spanish Joint Venture has engaged UK energy advisors Challenge Energy to manage the farm-out process with bids requested by mid-January 2014."
The 31/01 quarterly provided the following update: "As foreshadowed, Petrel with the assistance of Challenge Energy continued to appraise farmout opportunities for the Tesorillo prospect with a number of high quality companies submitting expressions of interest by the due date."
"The Joint Venture is currently reviewing offers and, due to the obvious prospectivity of this opportunity as highlighted by the NSAI resource estimates below and ready commercialisation optionality, expects this to be an extensive process which should be completed within a few months."
So all in all, you will note the expectation for mid-jan was for receipt of EOIs which was met and we are on track to see a farm in concluded "within a few months" and likely later this quarter.
I hope the above answers your question.
P.S: Thank you, Hardoak. It is highly encouraging to hear David Casey is off to New York and London. As your post points to, it suggests farm in negotiations are close to being finalised, which if correct, will further highlight the prospectivity of Spain and add significant value from here.
PRL Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
