As per my post on the BPL thread that remained unaddressed;
The drilling campaign resolution I believe was made during the TJV staged earning period... under which COB had to pay ALL the relevant costs and expenses? Yes?
This would have been the agreement right, that COB were paying for it?
So then, COB pulls out of stage 3, and expects that agreement can and will be unilaterally modified to make BPL pay?
Also, the recent BPL announcement states COB intends to spend $9.6m on drilling for the quarter.
Even if we were to entertain the idea that COB is only liable for 70% of it, that's $6.72m (about double what they told the market in their last quarterly cash flow estimate...)
But, seeing as BPL isn't liable to pay, are they not lining themselves up to be insolvent?
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