My read is that they are going to ask the Moroccans for an extension of the obligations, and if it is granted they will delay the drilling until later (several years) in the hope of higher oil prices.
The $1.5m is to compensate PVD for the potential delay.
If the Moroccan gov agrees, the well will be back on the calendar. If they do not, PVD will be seeking a final payout from Freeport.
My read is that they are going to ask the Moroccans for an...
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