Microsoft Word - 151012 GGX ASX Release Update on Licences Status in France released
12th October, 2015
ASX Market Announcements
UPDATE ON LICENCES STATUS IN FRANCE
The St Griede licence (100% working interest) located within the Aquitaine Basin, France was due for its first renewal in May, 2013 after an initial 5 year term. With the terms and conditions of the work and expenditure commitments having been met for the first 5 year term, a renewal application for a second 5 year term was submitted in January 2013 in order to continue the work program towards the drilling of a well. Normally, a first renewal is expected as a matter of course if the initial commitments have been met. That application was processed by French Government officials who recommended renewal and submitted it to the Minister of Energy for signature and issue. The renewal document has remained in the Minister's office, along with many other licence renewals, for a very long time.
The Directors of Gas2Grid Limited met with high level French Government officials last Friday in Paris to follow up on the licence status. The Directors were verbally advised that the French Government has decided not to grant the renewal and a formal written notification is forthcoming. We understand that the decision is based solely on local elected members' and 'public disorder risk' considerations within the area where the licence is located. We note an inconsistency here with an approval being granted last year, by local authorities, for Gas2Grid to conduct a seismic acquisition survey with the aim to target a well location.
Gas2Grid Limited is seeking advice on its options regarding the recent decision.
Gas2Grid has 3 licence applications, namely Tartas, Eauze and Mirande (all 100% interest), in the Aquitaine Basin that are awaiting grant. Tartas, having been fully processed, has been recommended for grant by the French Government officials and is awaiting the Minister of Energy's approval. Eauze and Mirande have some more procedures to be carried out by the authorities before a recommendation for grant can be expected.
Dennis Morton Patrick Sam Yue
Managing Director Director/Company Secretary
Tel: 61 2 98298 3688
Email: [email protected] Gas2Grid Limited
Gas2Grid Limited
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Level 11, 10 Bridge Street
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PO Box R1911
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T +61 2 8298 3688
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ABN 46 112 138 780
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Sydney NSW 2000
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Royal Exchange NSW 1225
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F +61 2 8298 3699
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www.gas2grid.com
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Australia
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Australia
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[email protected]
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