re: Ann: Tangiers terminates farm-out agreeme... From the department of mines in WA.
"Permits in the State are granted on the basis of a guarantee to complete the first two years of work without variation. This is also known as the dry hole system and means that the permit holder is required to fulfil the nominated commitment for those initial years, regardless of the circumstances, excepting force majeure. Force majeure refers to any uncontrollable event that interrupts the expected course of events."
TPT would have an argument for an extension, in my view, based on the farm-out falling through. They have submitted their environmental and were ready to contract a vessel for 3d. I'd be surprised if it wasn't granted.
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