What do you mean by "not completed"? The assignment agreement was signed by both parties and both parties initialed every page. Looks complete to me.
If Oranto has a PSC then who's the operator in that PSC?.The fact that they were advertising the block on xrimlinger.com tells me that they were seeking an operator, because they didn't have one.
So I think your assumption that a PSC is needed to extend the block is wrong. The correct assumption is that an operator is needed. I think Oranto got its operator back in November when they got an extension and that's why block 4 is no longer on xrimlinger.com.
You need an operator not a PSC to get the extension, or else Oranto would've gotten the extension back when they had the PSC and not back in November.
Your assumptions are simply not as logical as my assumptions, in my opinion.
Erhc had an operator with the assignment agreement with Total and therefore got its extension on the block. It may be that Total could've decided to back away, but the extension was already in place and Sao Tome couldn't do anything about it. They couldn't even wait until the end of Sept to get the block on expiration of the license, because the license was already extended.
They invited Shell when they realized that ERHC wasn't giving up the block with the international carat emptor and after their bidding process failed due to the international caveat emptor.
Shell will now do a deal with Erhc.
The above is my opinion.
Krombacher
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