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GeoGlobal Resources Inc. Message Board

  • slipperydevils slipperydevils Sep 23, 2013 11:21 AM Flag

    Block CB-ONN-2003/2: Will the Ank-41S discovery be disallowed?

    Sept 23: GSPC seems to be caught in a tight corner over the notification of the discovery Ank-41S in the block CB-ONN-2003/2.

    The discovery was notified two months and 17 days after the second extension to the Phase-1 work programme.

    The company has now claimed that delay is on account of force majeure conditionalities prevailing in the block but the DGH has asked the operator to justify the delay.

    GSPC is now fighting to get the second phase-I extension regularized even as it pleads for invocation of the force majeure caveat for the remaining period.

    The DGH is not playing ball. The regulator has first sought full payment for the unfinished work programme in Phase-1 before looking at regularizing the second extension of Phase-I.

    The justification for invoking force majeure will be yet another battle that GSPC will have to fight with the regulator.

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