The only problem with that is that Ntephe said we wouldn't do a PSC without having a JV partner and we have no JV partner. My guess is that STP is wanting to get on with this and ERHE has no money to do the additional seismic work needed to obtain a JV partner let alone actual drilling. My guess is that STP will want a very short time frame to begin drilling and I have a big concern about whether ERHE might eventually lose these blocks due to lack of performance. It looks to me like ERHE is already employing every delay tactic they can to stretch this out as long as possible in hopes that something will change. That might work for SNP but it won't work for ERHE.
"STP has agreed to begin PSC negotiations with ERHC on November 15th. "
"agreed" makes it seem as if STP were doing someone else a favour, besides themselves, by finally making a tiny step forward by "moving" on this ?How long does it take these clowns to get anything done?? They have had years to get this train on the rails.
Also has Ntephe given any more information on their announced plans to open an office in STP ?
This glacial like movement by the JDA and STP is just beyond anything that is rational !!! If the companies involved can't get something going asap then maybe their rights need to be yanked and given to someone who can!
Well that could put a floor under the price.Could be the one thing that starts a move back to .40's. Couple the Nov 15 time frame and a still possible report of Blk 1 spuding and we all have sugar plum dreams again. JMO
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