Thought I would bring this over from TMF as it clarifies yesterdays RNS.
Thanks to tournesolf for his efforts.
Starts "tournesolf
After yeserday's rns I called Global's PR outfit to obtain clarification. They contacted Global overnight and have just called me back with the results.
According to Global's chairman; Woodside and the other JV partners are now committed to drilling 2 wells, one each in L5 and L7, both in the 4th quarter of 2006.
The apparent ambiguity in the RNS was simply an inadvertent punctuation error.
The deadline for drilling L7 as laid out in the terms of the PSC is 2008. But Woodside et al have decided to get on with it without hanging around.
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The decision to bring forward the L7 drilling is a significant assertion of confidence. (as well as a reflection of the tightness of the rig market) which has to be construed as a GOOD THING
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Well done to Global's PR people (bell Pottinger) for being so responsive. We criticise their profession from time to time, so we should not be shy of giving them credit when it is called for.
RG "
As I post this GBP.L is 73 cents, up over 11% on the day.
Time to wake this one up I think.
GBP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
