GulfSlope Energy Inc (GSPE)

[MktMvn]

My reading of the agreements indicates that Delek had a limited time after Tau #1 well was completed to commit to the next two wells in the program. Gulfslope appears to be permitting a well at Corvette, and has the rig to drill it. But I haven’t heard anything on a second well. At any rate, Delek didn’t appear to commit to the next two wells in the required time, so apparently that program is over with. This new shallow deal is with a small oil company, so Delek wouldn’t necessarily have anything to do with that. Having said all this, Delek has something like a 25% interest in Gulfslope, so I assume they plan to keep participating in whatever Gulfslope does. The relationship is probably being reconfigured as Delek gets a more realistic view of what is involved in subsalt exploration. Hope they will stay around with their deep pockets. But Gulfslope appears to be moving ahead, with them or without them.