pel 182 drilling Bit of a cloud hanging over Pel182 drilling...

pel 182 drilling Bit of a cloud hanging over Pel182 drilling program due to WSP rig

Pel 182 JV has a meeting at Reids Dome on 04-08-06 to assess WSP rig.(refer AOC quarterly)

EBR has already sent WSP a draft notice of termination of WSP's drilling services with final decision to be made early Aug.
Century 11 rig has quoted to pickup the contract (EBR quarterly)

ADX is looking challenged for cash to fund their share of Pel182 drilling costs plus WSP owes them US$1 million to be repaid in drilling services.
What happens to the US$1 million if they use a different rig ?

WSP's quarterly was a shocker when you look at their low cash position to fund Sept quarter expenditure

In short, its a huge mess

EBR are free carried for Pel182 so if the others can get their act together re farmin funds, I think EBR is still OK assuming an alternative rig slot is not too far away.

Ultimately I'd like to see WSP out of the picture . Too many stuffups and very poor communication to shareholders over the last 6 months.