Emptynester1,
"Obviously if they have to have a meeting about going ahead with Phase 2 this year the results must not be bust out great."
I see it a different way. If the results were bad, a phone call would have done it. If the results were borderline, a delay tactic would have been employed. If the results were good enough (read NSAI plus) than meetings following the drilling campaign are in order without delay to meet JDA timings and National interests.
Therefore since they are having meetings in March following a first round of drilling which just concluded in Jan can be considered pretty quick, I would chalk up results as a "positive".
We have to remember that the JDA includes STP reps, so the way SNP conducts itself in these meetings or in the JDZ, will be fully known by STP for their EEZ auction. In other words, if SNP tries to play hardball here (JDZ), they may end up cutting off their own lifeline to further expansion into the EEZ (unless they are happy with only two blocks from ERHE :0) )
Overall, I don't think the discussions that are taking place in boardrooms are whether ERHE is going to survive or not. I think the conversations are "are we worth $10 PPS or $3 PPS?". No matter what, that's a lot more than current .64 PPS!
IMO
Cheers
Brez