Phase I drilling had considerable problems, mostly engineering related. That was the cause of the blowout.
Hopefully Phase II, which is more development in nature, does not have as many issues.
I suggest with Galoc North that if 1-2 of the smaller partners do not participate, the remainder will step up and drill without them and cut them out of their share of whatever is discovered. There is a standard formula for working out these things whereby the non starters do not share in the Phase II oil production.
financing galoc phase #2 ?, page-7
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