It's just money grubbing....why?.......SOGT/SWE don't have any, simple as that!
cara's right re the retention of TPL even in default of the so called JOA terms. They can't afford to kick the biggest fish out.....TPL might demand their money back! Even if TPL left without it, SOGT/SWE would be in absolutely no positin at all to get KK drilled in Q3.
Not only do SOGT/SWE want to kick OEL out and take back 50% of the total licence (giving them 75%), they'll probably try to on-sell it again and claim back-costs, again. If I'm reading it right, after kicking OEL out, they also still want OEL to pay for 50% of the well drilling (US$5.5M), and they still want the $400K they reckon OEL owe them for ongoing costs!
Either that or they intend to hang on to 75% of the licence and have TPL and OEL pay the full cost of the first well......while they get 75% of the production if it's a discovery.
E is correct, these guys have no integrity at all!
SWALA ISSUES OTTO WITH NOTICE OF WITHDRAWAL
Swalas Response, page-15
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