cut bg loose ctp..., page-4

Well I emailed JH and posed the question regarding BG/ROG on when these JV partners need to confirm their participation of Phase 2 wells.

He replied

"I wish I could be more explicit but personally consider that unless fully paid up before each well spuds, the relevant JV partners have no chance of claiming ownership of any discovery."

So that pretty much means with Ooraminna to spud on the 7th of May, which from today gives them 2 more weeks. I'd imagine there would be a lot of legal matters happening behind the scenes with regard to the defaulting of the JV agreement. Realistically if he had not done this Rights Issue, BG could have still been stalling Phase 2, and could have been another 6-12 months if at all. So to find ourselves only 2 weeks from phase 2, we should all be grateful that the board acted promptly under the circumstances and did what was necessary to achieve what we have all wanted all along, and that is to drill and discover !


Soredawg