Last week the Ministry of Mines and Energy announced that the consortium has announced a potential discovery of at least 14 trillion cubic feet of gas within its Exclusive Prospecting Licence (EPL) area.
In the wake of such announcement, EnerGulf last week said although it was not privy to the PetroAlliance report detailing the discovery, it would exercise its right to pay the 100% share of the tests’ cost, as expressed in the Joint Operating Agreement.
this was dated sometime in 2009
Wallywill made some point back in 2008 and 2009 that by excluding himself to the testing of the lower zone, they might have cuf themselves off from date held by Sintezneftegas....I am only thinking if this could be a real issue here, and why we never did get any conclusive information about Kunene.
Also, in 2008, before before they filed for bankruptcy, apparently they took the data from the testing ( of the 14TCF discovery to that banks attempting to raise additional financing. They were declined, and so they filed for bankruptcy.) But I also know from speaking to Mr .Malunga, the testing was not completed properly because of the condition of the well / and or mechanical difficulty.
I have always said, why didnt the Russians just walk away? Why spend another 10M in testing if you know there is nothing there?
This story is not known in its entirity. I am sure there are things we are not aware of.
Anyone care to comment and express opinions, would be appreciated.