Friday, November 13, 2015 9:52:19 AM
from the 10Q:
On February 17, 2015, the Government of South Australia granted a six month extension on License PEL 444. This extends the drilling commitment from July 11, 2015 to January 11, 2016. Renewal can be made by January 11, 2015 for a further 5-year term over 50% of the current area. A large area to the north of the suggested drilling locations is believed to have no prospects and would be the acreage chosen to relinquish.
in other words, a HUGE area of the PEL is basically worthless, AND, no way in heck will they, or should they, do 3D in that area.
for one thing, at least, it helps keep the costs down when you just cross off a huge chunk of your Pel and therefore don't spend on 3D. on the other hand, projections have to be ratcheted back, thus increasing risk and impacting valuation models.....
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