GulfSlope Energy Inc (GSPE)

[OilerHTX]

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?