OXX sought variation of the obligations on the Ascalon permit. On 11 Nov 2016 (after the application for a retention lease was lodged and presumably during discussions with the authority) the authority decided to suspend the year 5 obligation of geotechnical studies etc by 6 months to 18 May 2017 and extend the exploration permit by 6 months to 18 May 2018. The year 6 requirement of the permit is one exploration well (estimated expenditure $15,000,000).
Oh really, OXX is going to expend over $15M on a non-viable development - I don't think so.
But the authority now thinks it will.
Joint Authority - PLEASE EXPLAIN !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
News: OXX Octanex not granted petroleum retention leases for Ascalon gas discovery, page-6
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