OEL updated on GB's funding issues in the 2016 AGM presentation....

OEL updated on GB's funding issues in the 2016 AGM presentation.

6.Alaskan Governor vetoed a number of appropriations in the 2016 State budget, including funding in 2016 for exploration tax credits. State has not denied the credits, merely deferred payment
Outcome
In consideration of the above, Otto advises that the earliest opportunity for the joint venture to spud a well will be during the summer months (July to September).

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Its now up to the Alaskan gov legislative process over the coming months. I doubt there's much OEL can say or predict in the meantime. Disappointing, but the certainty of those rebates was iffy from the beginning, imo, and probably one of the reasons that tiddlers like OEL and 88E got a lookin.

Kito extension is a bit confusing. Swala (in that recent release) state we have to guarantee $3m for drilling costs, but scant details on the mechanics of doing that.