re: Ann: GRK: East Blina-1 - Operations Rep...
THe following exerpt is from GRK's annual report. It talks of the completion of a second exploration well, being of course, East Blina-1.
What the ramifications are if the well is not completed by 31 October not clear.
"Green Rock announced in early May 2012 that it had executed a Share Sale Agreement with Oil Basins Limited (OBL) to acquire a subsidiary company of OBL which holds beneficial rights to a 20% net beneficial joint venture interest in the highly prospective Backreef Area in the Canning Basin by the payment of $1.1 million plus $2.5 million for future operations such as an Extended Production Testing of Backreef-1 and/or the drilling and completion of a second exploration well (i.e. East Blina-1 or contingent Backreef-2 appraisal) by 31 October 2012."
OBL Price at posting:
3.8¢ Sentiment: LT Buy Disclosure: Not Held
