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No where does it say non binding commitment. The fact that it...

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jakspara

9,879 Posts.

3287

01/08/23

10:13

Post #: 69095072
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Originally posted by Gharp: ↑

I've read the wording of the 2022 announcement more carefully

Geo Associates has committed to increase the minimum work program
obligations for SG 4571 in the second exploration period, which runs to June 2024 as follows:

The wording only suggests that at the time that Geo Associates (IVZ) had made some sort of non binding commitment to increase to a 2 well exploration program in what they termed "The second exploration period" which at the time was true in that they actually were planning a 2nd well at baobab.

No where does it actually say they need to drill this second well by 2024 to keep the permit as part of the obligation it was only that IVZ at the time said that was what they were planning to do by June 2024 (a stated commitment in which they broke after MK1 failures and new data).

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No where does it say non binding commitment. The fact that it has had the majority of shareholders believe we committed to drilling a second well outside SG 4571 lends itself to needing more clarification. Which, we now have….but, yeah it certainly read as we needed to drill this second well to keep our end of the deal up.

Last edited by jakspara: 01/08/23

IVZ Price at posting: 15.5¢ Sentiment: Buy Disclosure: Held
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Last 7.4¢		Change -0.001(1.33%)		Mkt cap ! $112.2M

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No.	Vol.	Price($)
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Price($)	Vol.	No.
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