Iti-1 Completed and abandoned with a clear implication that GBP are not going to use any further resources in this area.
I am interested in what may happen in the shorter term. Based on current SP valuation 15/6/09 Global are £10.5m and what they do have available to them is approx. £13.5m and 25% of the EA5 Licence. I am ignoring the pending legal action and Leighton as I do not believe this will have any significance in the next 9-12 months.
Whilst there is substantial overlap with TRP I am taking a view they will keep the two companies separate as Namibia is LT and they will have plenty of exposure to Uganda via TRP anyway. Surely the GBP vehicle will have looked at a number of plays in the interim period which due to the unfortunate circumstances at Iti-1 could now be brought to the forefront. The question in my mind is which territories would appeal to management and how quickly they realistically may now move. For a number of months it has been said how many O&G plays have been depressed due to lack of funding, well GBP may be about to step up to the plate but where ?