I cannot figure out from the statement below whether they are or are not going to drill before the end of March. I cannot access the Strait Oil and Gas website to verify.
Georgian Project
During the period, Strait Oil and Gas (“Strait”) stepped up on-ground activities in preparation for the scheduled drilling program, which was to see the JV commence the drilling of a well on Block VIb by the end of March 2015. The drilling of this well is to be funded by Range Resources Limited (“Range”) as part of the Subscription Agreement signed between the two companies in 2011. Strait Oil & Gas advised that the drilling program had been agreed with the Georgian Oil & Gas Ministry who also confirmed that a valid drilling license is in place. All technical aspects of the well, along with the cost budget, have been approved with a drill rig and all required services on standby. Range advised Red Emperor that it is negotiating a financing deal with a third party that is designed to reduce its financial exposure to the well.
