Correct me if I am wrong but this permit has a condition of 'one exploration well by 2012' attached to it.
Without that, extension may have to be done through 'unconventional channel'... i.e. depending on the mercy of SEPEC.
If the Oil majors wanted in, all they have to do is to wait till the permit lapsed and get it free from SEPEC.
To me that is the worst case scenario.
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