A truly comprehensive coverage of the of the unfolding events but there is a fourth option ive attached
4. PNOC EC signed a Letter of Intent (LOI) to Nido to farmin to SC 6B and participate in the drilling of the Cadlao 4 well on the following terms: • PNOC EC to acquire from Nido an undivided twenty percent (20%) participating interest in SC 6B for the drilling and EWT of the Cadlao 4 well. • PNOC EC shall pay to Nido prior to and during drilling and EWT operations: o US$3.34mm to be paid upon execution of a binding farmin agreement to be finalized no later than 31 July 2023. o Up to an additional US$10.01mm to be paid upon cash calls as operations commence. The final amount is dependent upon actual approved costs by the regulator the Department of Energy (DOE). • PNOC EC farmin agreement to SC 6B shall be subject to DOE, and the usual respective Board and Joint Venture approvals
SGC Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
