GulfSlope Energy Inc (GSPE)

[spec machine]

Yes that SPAC is still in the works but hasn't IPO'd yet

snippets from a recent filing -

The current commodity price and capital cycles have brought about asset transaction valuation levels in the energy market not seen since the early 2000s. We believe that current market conditions present an opportunity for attractive acquisitions

Acquisition Criteria

Consistent with our acquisition strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating prospective target assets and/or businesses. We will use these criteria and guidelines in evaluating acquisition opportunities. While we intend to acquire companies or assets that we believe exhibit one or more of the following characteristics, we may decide to enter into our initial business combination with a target business that does not meet these criteria and guidelines. We intend to focus on companies or assets that we believe have the following characteristics:

• High Quality Geology and Future Development Upside: we will seek to acquire companies or assets that have acreage within areas containing high quality reservoir rock that has proven to be productive in the past. We will seek these type of properties that also exhibit the potential for undeveloped drilling inventory that is economic to develop based on forward strip pricing and regional pricing differentials. We believe that assembling an inventory of PUD and high-confidence Probable and Possible drilling locations may serve as a future growth driver for our company as commodity prices recover with improved demand upon the elimination of the COVID-19 threat to global economies.

• Attractive Returns: we will seek to acquire companies or assets with the ability to generate attractive returns based upon conservative reserve or asset valuations.
......
• Operations in the United States: we will seek to acquire one or more companies or assets with onshore oil and gas operations (including upstream, midstream, downstream entities or other energy assets) within the United States, specifically in the Lower 48 states. We will seek targets in any of the proven, producing oil and gas basins with sufficient access to infrastructure and end markets.

• Ease of Operating: Health, Safety, Security, Environmental and Social (“HSSES”) standards, procedures and performance will be a critical element of future operational activity; historical records and performance will be an essential element in assessing suitability for future efficient and effective performance. We will attempt to avoid operations that result in the potential for harmful greenhouse gas emissions and will seek to use industry “best practices” for minimizing the environmental impact of all operations.

The primary hurdle that I see to GSPE being merged with CENAQ would be the Delek participation agreement

I think it would trigger a decision point for Delek to participate or alternatively, the participation agreement would be terminated if they decline to participate in further operations

Delek would still own their equity stake in GSPE and would be treated identically with all existing shareholders

Also, it wouldn't require a SPAC or existing publicly traded company to do the same merger (or buy-in) transaction

An investment firm or fund could do the exact same thing, GSPE is already publicly traded, current in filings, and has qualified management in place to continue operations immediately upon access to funding for a drilling program

The latter is where I put my bet on where we go from here

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