First Well Firm Seismic Completed 31 December 2010 Agreement by parties to drill First Well & Election of Operatorship 31 January 2011 Commence Drilling of First Well 1 April 2011 (60 days from date of election of operatorship)
Second Well NGE election to be fully carried 30 days from rig release of First Well Commence Drilling of Second Well Within 60 days of election by NGE to be fully carried proceed with Second Well or if NGE elects not to be carried, 30 April 2011 if the parties elect to proceed with the Second Well.
PPL 268
First Well
Initial and Firm Seismic Completed 31 December 2010 Decision as to whether to jointly drill First Well 31 March 2011 If jointly proceed, TLM to commence drilling of First Well 30 April 2011
Second Well TLM election to exercise 2nd well option 30 days after rig release of First Well Drilling following approval of transfer of further 10% interest to Farmee 60 days after receipt of Ministerial approval
NGE Price at posting:
14.5¢ Sentiment: LT Buy Disclosure: Held
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