GulfSlope Energy Inc (GSPE)

[MktMvn]

C’mon guys. If we can see that leases are going to expire, surely the Gulfslope team can see it. This is not an uncommon thing that you don’t get the well drilled until late in the lease term. The government wants badly to get wells drilled so they have a number of ways to extend the lease terms if the company can show a plan to get them drilled soon. On Corvette I think I saw that an exploration plan had been filed, so that will probably give Gulfslope a good case. Also, if you have a lease go beyond the term, that doesn’t mean you have lost it forever. You can always pick it up again. There is so little shelf activity that releasing is pretty easy.
The lease sale next week will be very interesting. If Gulfslope is active that would indicate that they’re in for the long haul. I’ll be watching closely to see if the level of competition is going up.