GulfSlope Energy Inc (GSPE)

[MktMvn]

The end date is January 31, 2020, which allows the BOEM time for the lease to be put into the March, 2020 lease sale. Basically the BOEM is looking for some action to get the lease into production, like now. If they aren’t satisfied that things are moving forward they will make the lease available again and Gulfslope will have to spend millions to re-lease it. So, good news, but only for 3 months. I hope the company has the funds to get the Corvette shallow well drilled or they will run a real risk of losing both the shallow discovery and the deep prospect. At least they didn’t lose the lease when it expired on July, 31. Kudos to the Gulfslope team for getting at least a brief reprieve.