GulfSlope Energy Inc (GSPE)

[OilerHTX]

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.