Very interesting; some of the staunch supporters are now doing a 180 and expressing things I was saying 6 - 8 months ago. This could be a signal that the price is bottoming. Now all I need is for YankeMike to start being objective and I'll be back in.
Specifically, these are the requirements, and note that they are per block:
6.3 Minimum Work Obligation a) Phase 1 – first 4 years: Contractor shall acquire/procure full 3-D seismic coverage over the block and drill one well.
b) Phase 2 – next 2 years: Contractor shall drill an additional well.
c) Phase 3 – next 2 years: Contractor shall perform geological and geophysical and engineering studies. Drilling of any wells is contingent on the results of the programme. --------
So it would appear that Phase 2 would also be exploratory, and would involve one hole drilled per block. That would last 2 years. Then there's Phase 3, which is just doing more studies and analysis and that would be 2 years after that.