GulfSlope Energy Inc (GSPE)

[smith199]

Tbags7,

A couple of items caught my attention, but I need more time to properly review them.

I will mention one difference on this 10-Q compared to the last 10-Q, Gulfslope said the BOEM Tau-2 drill well Exploration Plan ‘EP’ had been approved, and that they were waiting on the Permit from BSEE.

I think it’s important to note they left this sentence in from their last 10-Q: ”Planning is underway about a re-drill of the Tau Prospect.” Delek Group stated in May 2020 “Work Schedule on the Tau Asset 2020 Onwards: Further Seismic Assessments by the Operator”. Over the last three years, Delek has made a statement about the Tau Asset Onwards. Considering the current economic situation in 2020 I am not surprised, but actually pleased about both their statements. I think Gulfslope takes seriously anything that is reported on their 10-Q, so yes, I’m happy to see the Tau-2 redrill still on the table.

Due to the required quarterly evaluation, Gulfslope did have around $2mm in impairments. They did say they were working on all available options with the BOEM/BSEE on Lease extensions. We shall see what pans out over the following months, maybe they gain a few leases back on their next 10-K.

There were other things I noticed, but it requires more review before I can comment.


Smith