Great Bear are a private company, but they have investors & lenders who want a slice and have also financed via working interest and royalty deals OEL, Haliburton, Red Technology Alliance, Geokinetics etc.
Their early strategy of gaining modern 3D and LIDAR across all their leases appears to have left them short of cash for drilling, exacerbated by loss 85% exploration credits and delays in payment of monies due by S.O.A.
Only three drills in 8 years , with last one in 2015 being subject of dispute between Nabors and GBP and then a fine for GBP from SOA for breaches of drilling regulations possibly says it all.
Work programme in place with DOG for 2019-21, but suspect we shall see GBP giving up many leases for which they see no potential this month.
About 74 leases to expire 30/04/18, 15 renewed for 3 years last month, 59 remain untouched as of today.
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