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clock Created with Sketch. 22/08/15
17:51
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Originally posted by Scarpa
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When I wrote the earlier post I had realised that Rex hadn't exercised its option to attain another 20% farmin share because it hadn't committed to the 30 June 2015 deadline. So my comments around when we could expect Rex activity was based on whether it exercised its 10% option by 30 June 2016, and my comment around December this year was a hope one. If Rex does exercise the 10% then drilling might follow thereatfer - if not back back to square one but the uncertainty of Rex's activities remains (and the latest Rex announcement probably puts it in the catgory of unlikely to commit). I also felt sometime ago Rex was hedging its bets - it had nothing to lose from entering a farmin because there was a statement in one of the annoucements, from recollection, that if Meo could not fund its share then Rex could walk away (with a cash strapped entity such as Meo it was essentially a low risk strategy for Rex). The only way Meo can get Beehive up IMO is to find in another farmin partnet to take another share in Beehive, so that share plus Rex share = drilling.
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Low POO and expected continuation for a couple more years or untill a major Geopolitical event occurs...means no cash for stranded Gas.....even if its in trillions......Unless its at huge discounts.....
