GulfSlope Energy Inc (GSPE)

[MktMvn]

This news that PGS has re-processed a ton of their data over the trend that GulfSlope first identified, and that they are seeing exploration opportunities near existing production infrastructure is very interesting. A lot of companies will go see the new images and may agree with GulfSlope that the subsalt potential is great. In one sense this is unfortunate, because GulfSlope has had to drop a lot of the acreage over the prospects the company identified in 2013 to 2016. If other players now have data that allows them to find the same prospects, then GulfSlope could, unfortunately, lose the advantage of having been the first into the play. As far as I know, only Tau and Corvette of the big prospects are still controlled by GulfSlope, so they have lost a lot. On the other hand, if companies start getting excited about the prospects the reprocessed data reveals, and buy acreage in the trend, then this could really jumpstart the play, and attract a lot of interest to Tau and Corvette. Just Tau and Corvette would have a huge potential for reserves, and if we could get those two drilled and producing it would support the company for many years. This could be a really big development in terms of attracting good, deep-pocketed partners.The important indicators will be heightened interest in the next shelf lease sale, and any news that companies are going to GulfSlope and asking to see Tau and Corvette.