GO,You said "PGS are due to start the $USD5m 3D shoot in 5 days...

GO,

You said "PGS are due to start the $USD5m 3D shoot in 5 days and I know from working with them that they will not engage without a 50% or so Bond".

Perhaps other forces are at work.

Go back to the ann 25 February last year regarding the MoU that AuDAX signed with PGS Overseas AS, Norway (PGS) "for participation in exploration of the offshore permit G.R15.PU (Pantelleria) within Italian waters and the contiguous offshore permit Kerkouane in Tunisian waters."

AuDAX stated, in part, "PGS is an industry recognised, highly regarded, global seismic contractor with state-of the- art seismic acquisition and processing capabilities. PGS would earn a 15% interest in the Permits by paying 30% of a significant future exploration work program. The MoU is subject to a number of conditions precedent including the signing of a farm in agreement.
The execution of the farm in agreement would be subject to PGS satisfactorily concluding due diligence ~".

I do not believe that, although "The parties will use reasonable endeavours to execute the farm in agreement within three months of the date of this MoU", the MoU has lapsed; certainly there has been no ASX announcement by AuDAX that the MoU is no longer valid.

Could the current seismic by PGS be "satisfactorily concluding due diligence" prior to PGS finalising their farm-in and "paying 30% of a significant future exploration work program".

Good Oil,

From your stated knowledge of PGS, have they conducted farm-in exercises in the past? I feel sure that thread readers would appreciate your further thoughts on this subject...