BNP Resources Inc. has received a termination notice from the private company, and the sale of the Jensen wellbores will not proceed. We were unable to get an acceptable leaseholder deal between the owner of the freehold leases and the private company.
The freehold leaseholder required a drilling commitment and a deposit from the private company, in order to issue the lease. BNP no longer hold the Jensen leases as we had insufficient funds on hand to make payment. This leaves the company without a lease for the Jensen facilities.
It is anticipated that the freehold leaseholder and the AER will be proceeding with abandonment orders for our Jensen wellbores and pipelines, over the next 2-6 months.