Indeed all eyes of those involved in E&P will been firmly focused on the Cormorant well. Tullow are a very capable and successful explorer, That's why I am convinced we will have a deal done before this well is spud, as the deal price will increase substantially, post result if successful
So anytime between now and then, we could have an announcement of a farm/buy out deal any day.
GBP are in a prime location backed up with a comprehensive CPR, never has the conditions been so right for completion of a deal
Of course the Poseidon was mobilised in February and berthed in Walvis Bay since March. The rig remains drill ready to take on new contracts. There is still time for a well to spud before Cormorant, if a last minute deal is done by someone. This fact also must play a part in completing a deal quickly for GBP.
Could a deal with GBP include a drill slot ahead of Cormorant ? You never know ;-)
As I have said before I think a buy out could be an option as the BoD are in their 70's and probably prefer to deal out. A Major would rather bring in a partner with deep pockets rather than messing around with a micro cap imo. I would think a price of 8p-10p sterling would be enough for the Peters
As usual time will tell
GBP Price at posting:
3.3¢ Sentiment: Buy Disclosure: Held
