I believe you are incorrect. Delek has ‘Rights’ and ‘Title’. For example, Access to all the Tau and Canoe Prospect’s Geological data at Gulfslope’s office, along with Title to 75% of the “Recoverable Resources” on the leases. Gulfslope “Assigned” 75% interest in the Tau & Canoe BOEM leases to Delek. The BOEM recognizes Delek as the majority owner of the two BOEM Tau Prospect leases and the Canoe Prospect lease. Delek cannot bid at a BOEM lease auction, but they certainly can be assigned 75% interest in BOEM leases and they were.
As far as I’m concerned and I’m sure Delek too, they have 75% of the rights to know everything about what is going on with these prospects. Not Gulfslope’s other prospects, but certainly the Tau and Canoe. Delek and Gulfslope agreed for Gulfslope to be the Operator and the BOEM/BSEE recognized that.
Smith
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