If we go back to the first Executed Option where OEL(Borealis) paid up X amount of money to be a part of " a firm 3 well campaign Q1 2016...." then if thats not going to be the case and its only 1 well then Great Bear havent fulfilled their part of that deal.
I dont think OEL would have paid the price they did if they knew one or two wells would be delayed by approx 12 months. Its certainly wont be as helpful for the SP also puts the whole program back 12 mths with admin costs etc still ticking away eroding capital.
The original deal has to be worth less because of the time delay so perhaps either GB can cut them some slack on the timing of the Alkaid/Second Option decision or reduce its total price or even perhaps accept a deposit with a later payment date. This would allow OEL more time to FO Tanzania and possibly get some sort of financial outcome on SC55...?
OEL Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
