GulfSlope Energy Inc (GSPE)

[smith199]

GOM Offshore Rig Count declined by 1 Rig the week ending February 19, 2021.

Total Rig Count at 16 for US GOM-federal OCS, one year ago this time it was at 22. Weekly Rig Count Update report link below:

http://www.dnr.louisiana.gov/assets/TAD/data/drill_weekly/WeeklyRigCountUpdate.pdf

There were 12 approvals for ‘APD’ Application for Permit to Drill the week of Feb 14th through Feb 19th. 3 of the 12 applications were approved this past Friday, February 19th.
2 of those 3 approvals were for shallow water (Arena Offshore and Contango Operators). One of the biggest if not the biggest GOM shallow water drillers, Arena Offshore LP appears to be strong right out of the gates from their Chapter 11 in 2020, considering the current oil and gas situation.

The recent February 2021 BSEE APD approvals for Arena reflect 5 new spud dates commencing the 1st through the 2nd quarter of 2021, so yes, I think we are getting there slowly but surely.

Gulfslope’s cash position is way more favorable by around 2.5 million dollars than it was the last quarter of 2017 when they signed on Delek Group as a new Partner in the Tau Prospect. Prior to Delek coming on board GSPE’s share price was hovering around $0.02 very similar as it is today.

Delek Group seems to be pulling through this Oil and Gas crisis intact. The rest of Delek’s Long Series Bonds are not coming due until 2022, their bank debt is look way more appealing, they have equity offerings on the horizon for Delek Drilling and Ithaca Energy, and Delek Group’s Credit Rating was recently upgraded.

“Onward and Upward” my friends,


Mrs. Smith