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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture
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To: Salt'n'Peppa who wrote (378)12/5/1998 7:52:00 AM
From: Bearcatbob  Read Replies (1) of 15703
 
OK Thread, who is the problem child:

At the time that the #1-17 East Lost Hill well was sidetracked, one of the participants (the "Declining Participant") claimed that it had the right to decline to participate in the sidetracking operations and still maintain its interest in the well, subject to a "non-consent" penalty. The operator and the other participants dispute the right of the Declining Participant to maintain its interest in the well on this basis, and proceeded with the sidetracking operation while denying the Declining Participant's right to maintain its interest. Although the Company believes its position on this matter is correct, if it loses this dispute, the after-payout working interest of the Company in the well and in the other acreage subject to the related exploration agreement could be reduced to approximately 9.085%.

Bob
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