When they first announced the Borealis deal, it stated firm 3 well program -1Q 2016.
However, snippets from the two announcements on 02-10-2015 state
"Otto will participate in a future drilling program with a total capped exposure of US$6 million in up to three wells "
"Otto has secured an attractive entry into the prolific Alaskan North Slope oil province which gives Otto shareholders the opportunity to participate in a material exploration and appraisal program in the forthcoming two winter operational seasons."
So the language changed a bit on well timing/number of wells.
When I inquired a few weeks ago I was told Repsols planned activity might limit rig availability for GB's proposed winter 2016 3 well program.
Therefore, things might have changed with news of Repsols drilling deferment ?
Only speculating.
Great Bear, page-64
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