Maybe nothing to worry about but certainly something to think about wipz.
Perhaps they could leave CUEs 15% in the 50% they relinquish;)
Seriously though, it is a good time to bargain between the permit holders. Petrofac bowed out of NTP68 when the permit renewal was due.
Looking at the permit map Artemis looks like the field could cover more than 50% of the permit.
Does anybody know what happens if they find the boundaries of a gas field are outside that 50%, no matter how the division is made?
After A#1 (late 2010), if successful, there would not be very much time to drill exploratory wells to determine those boundaries before 2011. Is another extension possible?
MEO's 3D seismic covers 450km of 361P. There is older seismic data. Maybe this would be used.
It seems a bit unfair if an operator does a lot of field work only to find a half is taken away before tests are completed. I suppose the argument would be they have had five years.
Perhaps previous permit owners will be given first option.
Any ideas?
#:>))
MEO Price at posting:
45.5¢ Sentiment: LT Buy Disclosure: Held
