Cooper Energy (COE) has announced that they have suspended operations in Tunisia due to the civil unrest and that they have also invoked Force Majeure.
It will be interesting to see if ADX (the operator of SD) continue with the mobilisation of rig to site etc for end of month drilling. I expect any responsible company will put the saftey of their employees first and regardless of immediate risk will ere on the conservative side.
So'I'm expecting a delay (not a cancellation) of drilling for the short term. The question is how long, which is a bit fluid situation as the state of emergency in Tunisia unfolds.
This will be disappointing but not the end of the world for VIL as I don't think there was much, if any, upside in the SP for Tunisia (however I did expect the could have been abit more of a spud rally).
We might go down a couple of ticks once (if) they announce delay but we still have Bongo rates to come and 3D seismic completion. Here's hoping they can get a farmout deal done on FP2 in the very near future with funding - and maybe a new operator.
Interesting times ahead and not for the faint hearted
Good Luck All
Maddoc
VIL Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
