DB,The 3 year extension granted in FEB 2016 was an Appraisal...

DB,
The 3 year extension granted in FEB 2016 was an Appraisal extension.
Sure they could drill more step out holes,like they did,but they must be fully appraised and submitted with the exploitation plan before the Appraisal extension deadline,to be accepted as part of the Exploitation area,but I think there is a clause in the PSC,where the JV can say it is not yet deemed commercial,so can remain with the JV for a maximum of eight years if granted by Govt.
But to the letter of the law regarding the Appraisal extension decree and time limit,there could be vulnerability for the JV and persuasion by the Govt on terms of the new forthcoming oil Code.
Jimho

Kimbo67