Although people scared, SP retreat, there is still no need to worry the TP/15 farm-out. Because NWE has already received at least one formal farm-in bid for TP/15. The worst case is the farminee can only drill Red hill south plus one shollow well in EP 413.
a, "Norwest expected to conclude farm-out discussions for its TP15 permit by the end of March"
"Conclude" means it depends on NWE to make the final decision----farm-in bid already received.
b,"likely to deliver a considerably more favourable outcome for Norwest."
"more favourable" means NWE compared it with the farm-in bid it already received.
c, The bid NWE talked in Feb and nearly accepted,--- is to drill Red Hill south for us only, NWE remians 50%, being the opreator.
d, In mid March, when AWE annouced the Shale gas potential, NWE decided not to accept the bid---NWE now wanna the farminee drill three wells, one in Xanadu, one in Red hill, one in EP 413.
e, if NWE can accept the farminee drill red hill only---farm-out agreemant can be signed anytime.
g ------------UK
It's first time NWE mentioned Farm out wessex basin. Peter was in UK last week. Peter mentioned one company wanna farmin.
I believe Peter has received the invitation about the farmout---otherwise, you know it's too busy for NWE to think Farmout UK business now.
That means the potential farminee is in UK, and imv it's possible BP.
NWE Price at posting:
2.8¢ Sentiment: LT Buy Disclosure: Held
