Look you are right to call this out but what has happened is that once the restriction was lifted FEC has only 20 months remaining to drill two wells. So now there is only about eight months left ( as the restriction was lifted 12 months ago). In theory if they fail to drill the wells then they lose the concession and we lose our money. What we don’t know is the politics …. Will they get an extension or are others lining up to get it. A year or so ago I would have said some China backed group would be given the concession but the mood here is now very anti China. The drilling season here in the area of SC72 is between February and May so if they have a drilling rig lined up all the tubing and the money to pay for it they can drill two wells in time , this assumes China will let them drill. Just to add a bit more of uncertainty there is a Presidential election in May 2022. This guy cannot run again but he is putting up his daughter and he will run as VP! It would be no surprise if he promises the SC72 concession in return for someone backing and funding his campaign. People believe China backed his last campaign but this doesn’t look likely to be repeated. At the moment PXP group doesn’t have the cash or a drilling contract so we wait in hope.
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