Not quite. The permit can be considered "live" but not necessarily in good standing. The SVE application was submitted in 23 Jan 20, but that's semantics. According to NOPTA the application was refused on 30/03/2022. If an appeal has been made around June of this year, I'd argue the title remains in limbo, and definitely not in good standing.
Regardless, Breeze was obviously well aware of the Permit work obligations considering he was amusingly always a director of MEC, even during that debacle. His position on BPH didn't change at all. So when he regained the MEC throne in Aug 2019, he still had about six months to get underway. You may remember that Shareholder Interest Group's claims about intent to rapidly drill PEP11... Wasn't Fontaine and Breeze heavily associated with that group? And still no action 3 years later. But it's not their fault, it's the guv'mint's for not approving the SVE application and sitting on it for over 2 years. Do you see the joke?
Their enviro plan and well engineering works were just too little too late to attempt to sway the government that they were committed to exploring PEP11. And shareholders are the mugs who are paying them.
MMR Price at posting:
0.4¢ Sentiment: None Disclosure: Held
(20min delay)