Ann: Operations Update, page-163

That's the question. However, I strongly believe it would be likely to be the two-year anniversary of the JV agreement, making it December this year. Why do I think this? (1) the JV agreement was entered into in December 2020 (pre-Covid) and with plans for the initial work program to be completed in 2021, and (2) the contingent carry obligations (for ORG to maintain their 50% interests) are all sequential to the initial work program and a year would ordinarily/certainly have been more than enough for them to be completed (particularly as all that was needed was "agreeing to drill a well").

If ORG wanted out, then they'd be pressing ahead with appraising Rafa as quickly as they could instead of putting hurdles in the way like they are currently doing.

What gives me comfort is that there is a deadline and that ORG can only delay the appraisal for so long.