Ok, I'm no lawyer but have studied enough commercial law into my final years at uni to know that this posting is amateurish at best. Your standard text books won't cut it here. Hailsburys is a better source for case and common law.
We have two things one are the statutes covering application of drilling permits specifically for oil and gas. Other types of exploration the laws are less overbearing.
Secondly, we are dealing with contract law. Trust me judges have drilled into them as barristers the constituent parts of a contract and applying the to both parties in a matter and were both party actions consistent with there being a contract in place.
Clearly lko have a retainer permit enable to keep the land leased as within their rights subject to their carrying out said items in the permit.
It is these actions ironically such as drilling etc they aren't able to carry out
The law quoted above is not relevant insofaras:
lko have the lease;
Lko isn't applying for production permit, thats not the issue.
lKo are claiming that the law requires them as permit holders to carry out certain activities to hold the permit
So whilst they have paid for the permit and inevested the same laws outlaws exploration. Its an oxymoron. That shows you how sheet and poorely conceived these laws are that have retrospectivily shat over a system and process that has been working.
Then yes once this is established and there was a contract, who breached this contract and liability
The judge doesn't give a sheet about weight, or size of case. His interest alone is ensuring the law is followed. Lko just have cleverly applied the right pressure to highlight how much gas is under the ground to the elecotrate
LKO Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held