GulfSlope Energy Inc (GSPE)

[Gspex]

Rowan, the Ralph Coffman owner, is in the business of providing rigs and keeping them busy constantly. Because Gulfslope isn’t ready to drill Corvette (no drilling permit yet, maybe no partner yet, etc), they couldn’t commit to keeping the Ralph Coffman busy after Tau is complete. This is not unusual. Most exploration companies don’t have a bunch of permitted and fully planned wells lined up in the queue. So Rowan found another taker for the rig that was ready to go. No big deal. Only complication is Ralph Coffman may not be available when Corvette is, so they may have to locate another suitable rig. If drilling activity picks up, this could result in delays.