EEL said Sinopec will release results in August for a September go-no go decision. If you believe in your DD and that there is a lot of oil in the JDZ this extended time is being used to inform all junior partners of the expected phase II costs to see who blinks. If you believe results were a disappointment then Sinopec is scrambling to find a way to make the JDZ commercial.
All we've got to do is pick one and wait! LOL!
Here's a transcript of that section of the call:
Philip Dimmock, Chief Operating Officer of EEL
11:32 into the conference call:
"the Bomu-1 well was drilled, um, and just before Christmas... and uh, We got some results, um, which are pretty interesting, but the well is not commercial on it's own. Um, similar results were obtained in other wells. And um, we have applied to the Joint development authority for a 6 month extention to give adequate time for studies to be made to understand those results, and to decide whether or not, um, we should go ahead with a second well in the block. Ah, Sinopec Ah, has started the studies, um, it's only a day or so actually they issued the terms of reference of those studies for the partners comments. So these studies will be finished in August so that a decision can be made in September whether to enter into the second phase of the exploration period."
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The bolded above shows clearly that the studies are still underway and they only now release the buzzword glossary for the partner to digest before going over the results formally. Sorry to those pounding the board to the contrary, the results aren't out yet. EEL certainly show more respect for its shareholders than ERHC does, but in a nutshell all EEL released was their COO's opinion. Actual results could easily be different.
At this point in the call the discussion shifts back to Foby Engineering and Momo Petroleum defaulting last year. Apparently EEL is picking up each company's 5% for an added 10% of block 2, but that isn't finalized yet. A good question for ERHC's meeting would be "how is the partner picking up a defaulting partners percentages in block 2 determined?"
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