One thing I would like to see from Gulfslope is a News Release on a new rig contract. Their current contract with Valaris for the ENSCO 102 expired May 20, 2020. We all know there are other rigs out there with potentially lower contract rates, but if I am not mistaken to get an approval on a BOEM ‘EP’ Exploration Plan and receive a BSEE Drill Permit an Operator has to have a rig contracted. Along with for example how an Operator plans to move product (pipeline) to the mainland from offshore, but most importantly an Operator needs a rig to follow through with the Exploration Plan.
Looking forward to some Rig news soon from Gulfslope, and the BOEM and BSEE issuing those approvals.
I have no doubt Gulfslope is still working on the SOP extension on the Corvette Prospect, along with an SOP extension on the Canoe Prospect. I am expecting there is some type of extension Gulfslope has already applied for to the BOEM/BSEE on the Canoe Prospect since Gulfslope drilled a well to 5K+ feet in 2018. We will have to see if any future Federal Regulatory easing requested by President Trump to all Federal Agencies on Thursday helps out, I am anticipating it will. Since there’s usually little competition in the BOEM Lease auction, Gulfslope could just rebid on it at a lower Royalty Rate if all else fails in June 2020.
The Tau Prospect BOEM leases Do Not expire for several years.
Smith
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