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clock Created with Sketch. 29/04/22
11:18
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Originally posted by Catch2200:
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I agree with Davy. It's not been clearly communicated.Invictus is pleased to advise that it has executed a farm in option agreement with Cluff Energy Africa Limited. Under the terms of the non-binding agreement, CEA must exercise the option by 31 March 2022 to enter into a binding Farm in Agreement and a Joint Operating Agreement and obtain the necessary funding to meet the Farm in Commitment for 2 wells. Invictus has granted Cluff Energy Africa’s (“CEA”) request to extend its farm-in option expiry (see ASX release on 9 December 2021) and submit an updated binding offer. The new agreed expiry for CEA to exercise its option has been extended from 31 March to 30 April 2022. We are now told that there are multiple bids.
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Just further because I've run out of time to edit - perhaps what actually happened on 31 March was that the "option" was voided, and instead Cluff were given the opportunity to bid. A n opportunity to bid is not an "option".
