As June 30th approaches NKP has an obligation to advance $45m(...

As June 30th approaches NKP has an obligation to advance $45m( Tubatse 10%) which is outstanding to IOP.

Refer Page 3 of the Quarterly report IOP

:http://www.internationalpetroleum.com.au/IRM/Company/ShowPage.aspx/PDFs/1357-24170035/QuarterlyReportsforthequarterended31March2012

As IOP has booked an imparment loss of $23.1m due to the uncertainty surrounding the ownership of 2 out of the 3 Tubatse farms the questions that are now paramount include:

1. Will the June 30th deadline be revised yet again?

2. What will NKP have to pay IOP in view of the uncertainty of the Tubatse farms?

It all makes interesting reading.

In my opinion.... NKP will seek a new deal with a revised offer and an extended end date to the contract.Tubatse will most likely not form part of any proposed JV.