Rampart Energy Announces it has been Working with Royale Energy on North Slope Project in Alaska
Meetings held in Anchorage during late June between Rampart, Royale (NASDAQ: ROYL) and various government bodies and high ranking officials built considerable confidence in the quality of Alaska as an investment destination. Central to the pending explosion in exploration activity in Alaska is the new augmented tax program which could repay up to 85% of allowable expenditures directly to the Joint Venture. Additional changes include the timeframes for the payment of allowable credits (dramatically shortened) and the process for receiving them being streamlined.
Pleasingly, a number of government initiatives have really added to the administrative attractiveness of Alaska as an investment destination. In the opinion of the Rampart board, the jurisdiction has really balanced the very high standards of operating compliance with incentives extremely well.
From an operational perspective, meetings with the Operator (Royale) were very positive with a number of critical path items being actively pursued. Progress has been made with seismic and drilling contractors to secure availability during the targeted time intervals in 2014, 2015 and 2016. The Operator expects that a binding agreement on seismic acquisition over the critical Western Block may be reached during this quarter. Further agreements will be reached over the balance of 2013 with key contractors.
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