A4,
Yeah, I rounded the numbers for sake of discussion.
To answer your question, I believe that the primary term of the Crown Oil Leases that PPTL possesses are 15 years and can be renewed in 5-year increments...not positive though.
I believe there are three classifications for Crown Oil and Gas land acquisition and they are (as I recall):
1. SPECIAL EXPLORATORY PERMITS TERM: 5 years.
2. EXPLORATION LICENSES TERM: 5 years.
Extensions granted where a company is drilling over the expiry date (3 months) or where access to the lands had been denied due to such things as environmental issues.
3. LEASES TERM: the primary term is 15 years. Lease extensions available as long as improvements are made based on specific amounts per hectare (defined by governing body).
Again, as I recall, PPTL has purchased land leases (#3) above.
Best regards,
Greg
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