Always like to find areas we can agree on. The lease expires in Aug 2023 unless the firm work commitment has been completed. They were given the “get out of jail” card this year by the govt to extend their drilling commitment deadline from 2021 to 2023 ( hate to say this but the pandemic helped EMP enormously). They have a firm drilling commitment and other minor work for a total of $27 million to be spent to secure the lease past Aug 2023.
As you have pointed out, Either way unless they secure a farm in partner with reall deep pockets they are in serious trouble.
Any serious player would wait until the last possible moment to farm in so EMP would have to do a deal of desperation. The writing is on the wall and the clock is ticking.
EMP Price at posting:
3.4¢ Sentiment: None Disclosure: Not Held
