This is really good news, IMO. I don’t believe there is any current production through the platform they are acquiring. But it is a usable facility, with two slots left for additional wells, according to the BOEM website. The previous owner, Rooster Petroleum, has been near bankruptcy for years if I recall. So they probably didn’t have any money to drill additional targets from VR376. If they left anything behind it could be easy pickings for Gulfslope with little risk, and early production. Also, being able to drill Corvette from the platform will make things much easier and quicker. I’ll be waiting to hear what plans Gulfslope has for exploiting this new acquisition (assuming, of course, that they close the deal).
Action today was really encouraging. Only a minimum of selling and options, and a solid $25000 worth of shares purchased. Maybe some more folks are realising this is a great opportunity.
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