Well at last we are seeing some common sense from the Government.
PEP11 has been a drain on investor's funds for how many years now? $25m dropped into a dry well in 2010 and nothing done with it for 10 years.
No doubt the legals and bitchfighting did nothing to assuage the Government that this was a credible proposition.
At least this will help save any more bunnies in the headlights from thinking that PEP 11 had a chance of being drilled yet alone producing commercial volumes of gas.
If there is anything there, I would expect a credible large oil and gas company will apply for the lease and, being able to prove its capacity to fund, may get it!
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