GulfSlope Energy Inc (GSPE)

[MktMvn]

The lease on VR375 was supposed to have expired on July 1, 2019. I just checked the lease status on the BOEM website and it is still leased. I assume there is some sort of ongoing negotiation to extend the lease as was done with Tau. I recall that Gulfslope picked up VR376, right next door to VR375, just last year. There was some discussion here last year about Corvette likely extending onto both leases. Given that they have contracted for a rig to drill a shallow well (one month to drill), they must be thinking of drilling Corvette Shallow to hold VR375 and protect the deep (subsalt) structure. This will be indicated by some change in the status of VR375 from Primary to “held by operations” or something like that. It certainly appears that they plan to drill Corvette and redrill Tau in fairly short order. If either of them is successful that will validate Gulfslope’s ability to find oil. Should be fun to watch. Maybe profitable too.