Yep, feels like I've seen this movie!

Searching for the new seismic techniques you mentioned in the Thunderhorse and Atlantis reference. Thunderhorse drilled in 1999, Atlantis 1998. Old technology, what am I missing/overlooking??

Based on # outstanding shares looks like about .03-.04, grin.

One could deduce that they and Delek seem to think so. I HOPE so .

Interesting factoid. From particle physics to watercraft....peculiar. Thanks for sharing.

Wasn't aware thanks for the info.

I suspect a sell of Tau more likely. Delek saw something they like that triggered the warrants and the additional 5% stock purchase.

Just digging around, ran across the list of title interest assigned Delek in the original Agreement w/ Gulfslope. Interesting that there was no title interest assigned re. Corvette in the orig. agreement Jan, 2018 Canoe & Tau were listed..."Delek GOM Investments LLC, a subsidiary of Delek, acquired rights to a 75% record title interest in nine prospects (Photon, Quark, Pomeron, Tau, Tanker, Graviton, Tachyon, Selectron, and Canoe) "

Looking into your question ran across this paragraph 1.33 2. in the participation agreement, according to this Delek would have already committed or decline to participate in Phase 2, is that your read?....By the later of (i) thirty (30) days prior to the scheduled release of the rig from the second Phase I ITW, or (ii) the date on which GSEI is required to provide notice to the drilling contractor as to the estimated release date of the rig from the second Phase I ITW, Delek shall elect to either participate or not to participate in the two (2) Phase II ITWs designated by the Parties. Delek shall notify GSEI and TSEI of its election to participate or not participate in the two Phase II ITWs, and if Delek elects to participate the Parties shall mutually agree in writing on the order in which each Phase II ITW for each Phase II Prospect shall be drilled by the Parties. If Delek elects to participate in such Phase II Prospects, then the provisions of this Section 2, as applicable, shall apply to each of the two (2) Phase II ITWs. If Delek does not elect to so participate, this Agreement shall terminate as to rights in and obligations with respect to Phase II ITWs, Phase III ITWs and Subsequent Phase ITWs.

Guess i had set my expectations re. relevant info. too high. The accumulation is a head scratcher. Hoping one of the crew with more insight than i can provide will chime in this evening.

I'll offer up a simple question, how do you state in a press release YESTERDAY..The Company anticipates executing a rig contract for the drilling of the Corvette Prospect in May 2019. wait...what . One day later SEC filing oh... btw were broke! None of this passes the smell test. Where is the update on Canoe? Whats the follow up plan/timing on Tau???? I've been long on this stock since inception but there are sure a lot of unanswered questions/lack of detail..... There is a pattern, Senior note w/Delek and Corvette "potential" due any time...get ready!!!

I predict announcement of Senior Debt financing from Delek coming in 3....2.....!

10-Q is laughable. In summary, there is no plan. I don't consider dilution a plan, WOW

Announced find @ Canoe 8/2018.....https://www.hartenergy.com/news/gulfslope-energy-hits-oil-gom-canoe-prospect-118032. One month later Tau 300MMBOE potential. Get ready Corvette potential right around the corner.

SEPT. 2018, Offshore Mag. https://www.offshore-mag.com/articles/2018/09/gulfslope-spuds-subsalt-tau-well-in-the-gulf-of-mexico.html We built upon the intensive subsalt drilling efforts in deepwater, leading to a better understanding of the depositional models and now we are bringing advancements in drilling and completion technology that were pioneered in deepwater subsalt exploration back to the shelf. The Tau prospect has a gross unrisked resource potential of over 300 MMboe. Not only is this an important well that could create tremendous value for our shareholders, but its results could lead to renewed exploration and development on the shelf.”

Yep they've been spewing that 300 mil. number since they reported oil sands @ Canoe and were reviewing the data to determine commerciality. It's a pattern. Any day we are going to hear the " potential " of Corvette and that they will be analyzing Tau for next steps!

I think you've hit on what I consider to be the most curious. If there was intel that convinced Delek to exercise warrants and purchase the additional 5% upon phase completion. I say go get it! If on the other hand there are insurmountable obstacles, exercise the clause in the agreement and declare Corvette part of phase 1. There is also questions re. phase completion, base definition is " reaching TD" then there is vague language for some wiggle room. Question is did we reach TD or not? If not how did Delek exercise right to acquire additional 5%? If we did then what is the definitive outcome? As you say LOT of questions, I'm guessing that was by design, the PR goes along way to say nothing new.

Interesting paragraph in the Participation Agreement...".If in the drilling of a Phase I ITW, mechanical difficulties, rock, salt, heaving shale, excessive water flow, excessive pressure, igneous or other impenetrable formation or conditions render further drilling impracticable or other difficulties are encountered, which cannot be overcome after Operator has exercised reasonable efforts customarily employed in the industry under the same or similar circumstances, and by reason of the foregoing, Operator is unable to reach the Objective Depth of such test well, a substitute well proposal may be proposed by any party to the Joint Operating Agreement, and the Parties shall have an election to participate in such substitute well in accordance with the applicable Joint Operating Agreement. If the substitute well is commenced not later than three hundred sixty (360) days following cessation of operations for a Phase I ITW, subject to drilling rig availability, and is drilled in the manner provided for in this Agreement for the Phase I ITW, it will be deemed a continuation of, and a substitute for, the Phase I ITW. Thereafter, any reference to the Phase I ITW will be deemed a reference to its substitute well, if one has been or is being drilled for the Phase I ITW."
Based on the PR seems this could be triggered?

Per the operating agreement, 20% in the aggregate, 5% upon completion of each phase.

Canoe PR Aug. 28 2018, "A full integration of the well information and seismic data will be performed for further evaluation of the shallow potential of the wellbore and the block, and to define commerciality of these oil pays".....Did I miss the update on this one??? Nine months? I'm betting nine months from now will be asking the same about TAU.

If Delek signs on for next "phase" you have to believe they have $$ to burn or are not being forth coming with all info. re. Canoe/ Tau.

Fair points, guess i was just hoping for something that we didn't already know or could deduce from the facts at hand. That being said if there is an announcement of some financing structure that factors in pricing based on todays action I'm calling BS!! LOL

The only value of this PR was to spook investors that were in blind/had no knowledge of the play. If you read the PR and list all the salient points you'll see there is not one single bit of "news" that wasn't already known by most on this board. Didn't hit total depth..check, bypass/sidetracks..check, hydrocarbon shows..check, complex conditions...check, equipment limitations ...check, abandon for reentry..same as Canoe...check, 300mil. BOE potential..check...Sooo I ask where is the "news"???

I agree, scratching my head on why put out this PR so close to 10Q??

I'd say limited options, unfortunately probably back to the bank of Delek.

Wondering if 10Q will announce Delek as partner for the next "phase" ?

https://ir.gulfslope.com/press-releases/detail/145

Delek should be a buyer @ .04...They took a big bite @ .045!!

Will this weeks early trading feature buys = to last weeks sells?

Yea Looking like. I was thinking they would get a pop from a teaser this week, then follow with detail next week. Tick Tock....we will see.

I lost a bet with a fellow investing buddy of mine, I bet that info. would be out this week. I was wrong!! I'll take that loss if we get the BIG win!

TXSO daily avg. volume 79k...today 500k plus. Been dead in the water for awhile, just interesting volume along w/ GSPE volume increases. Coincidence?

I think most on this board keep their ear to the ground, I've heard nothing to justify this action....anyone? anyone? Spec?

Could read that either way. In the event of a big discovery would be a solid business decision to default and grab the 5%. I read deep in the documents that if any partner is in arrears they will no longer receive info. relative to the current project. So could assume TXSO has been out of the loop since the orig. notice.

The "persistence pays off again" is pretty strong. Also note that she is President of Houston Geological Society, GSPE Houston based. The Society Honored Seitz as a "Legend" in Wildcatting in 2000...just interesting points to ponder.

I think the last couple sentences are very telling... really like can in lieu of could. "Tau can prove the concept and make the company, but it will likely launch the industry into renewed interest in the Gulf of Mexico shelf. Persistence pays off again.
There are many examples of the importance of the power of passion and persistence in driving geoscience and the oil and gas industry. They are key to making our industry fun."

cheryldesforges's blog

And I thought I did some deep digging, thats damn impressive.....Going to do some research on those facts. Thanks for sharing.

I fear that GSPE has been frequenting the "Bank of Delek" and will result in further dilution.

Taken from an older GSPE 2014 pr...The blocks awarded and the corresponding bonus amounts paid are:

Vermilion South Addition Block 375 $155,551
Vermilion South Addition Block 393 $155,511
Garden Banks Area Block 173 $808,808
South Marsh Island South Addition Block 183 $118,811
South Marsh Island South Addition Block 187 $808,808
Eugene Island South Addition Block 371 $155,551
Eugene Island South Addition Block 378 $404,404
Eugene Island South Addition Block 390 $404,404
Eugene Island South Addition Block 395 $155,511
Eugene Island South Addition Block 397 $404,404
Ship Shoal South Addition Block 328 $606,606
Ship Shoal South Addition Block 335 $155,551
Ship Shoal South Addition Block 336 $707,707
Ship Shoal South Addition Block 348 $155,511
Ewing Bank Area Block 870 $225,522
Ewing Bank Area Block 904 $ 50,055
Ewing Bank Area Block 914 $225,522
Ewing Bank Area Block 948 $155,511
Green Canyon Area Block 4 $ 50,055
Green Canyon Area Block 5 $606,606
Grand Isle South Addition 103 $808,808

These were added 2018
Vermilion, South Addition Block 376 $191,011
Eugene Island, South Addition Block 371 $131,011

I have 100 @ .34...grin