As I understand it, they forfeit their share of p46 and leave bpt and mitsui holding the dry baby.
At that point it would have greatly diminished prospectivity any way.
Drive away...no more to pay..
Quite a self preserving strategy play when you consider how much has been spent to date on the unknown and how much epr have in the kitty.
But bpt would know this, as well as whats in that hole...so there is no need for them to stall and withhold info....unless it is good info...
BPT holders will not be happy if the company does not conduct itself in their best interests.
Assuming for the moment that it's not c&a;
Can bpt take the chance of announcing it as a ''lets flow test it later this year when prices are better'' discovery,,,, cap it,,,, release the rig, on the chance that this will lower epr's chance of finding a ''3rd party'' farmin ?....depends greatly upon which company or companies, are involved with any preliminary negotiations , and what this would or would not do for bpt's share price.
Logging would have been completed yesterday.
BPT will know what they have discovered.
IMO the longer the rig remains, the longer the rig is utilized for reserve truing up and production, the greater the chance epr have of keeping most of their 25%, the better the relationship remains for future farmin opportunities with p50.
Assuming it is c&a;
they lose p46;
EPR would stay small cap onshore operators with a sp of about 1 or 2c. and 100% of p50 that shows no fairway relationship to date.
They would have to survive the lean years until their theoretical ex farmin partners made a good discovery in p46.thus creating contigious farway relationships
The market has factored this sentiment in already.
But if fermat 1 has some good numbers forthcoming, not only does p46 look highly prospective, but p50 looks 10 times better.
The wait is only hours away if the 2 worst case scenarios ... c&a.. or a non trued up discovery on hold are announced.
EPR Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
