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Message: Re: Enegi update Nov. 3rd
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Nov 02, 2008 05:48AM
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Nov 03, 2008 08:14AM

Re: Enegi update Nov. 3rd

posted on Nov 03, 2008 09:32AM

Here is the excerpt from Steve's email response that led to the tilting windmills comments, regarding the return of the rig.

It said that the contract "makes a provision for the rig to return ". If this provision is exercised or not depends, in the first place, on how the current interpretation work turns out. This is in no way contradictory to what Kirby Mercer is quoted as having said.

With the financial situations of CIVC and SPE, it seems kind of difficult to fund the return of the rig. I had also thought that they would get 1.5 million in royalty payments from PDIP if Garden Hill was producing. But after some reading in the Sedar documents, it appears that they have already received 1 million of this money because at the time the GH was not producing.

Hopefully Steve is working hard to come up with money/partners to prove this thing up because its pretty bleak right now.

Mike





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