ESTIS#1 & Lippincott#17 - Important news!
as we stated last time, we spoke to Sam Spears, who is the operator on both of these projects. The plan was for Dorado oil to come out and collect oil from both projects, we are still awaiting the status of this from Sam, expect to have this information shortly. As well as when Dorado will come and collect the last barrels in the tanks this month.
On this project, the payment of dividends from oil sold back in July of this year is pending, we have been delayed for several reasons, but the main one is that Pete Lippincott, who manages the calculations, has had problems getting the assigned ownership to fit as he in his calculate when we made conversions from W.2. to ESTIS#1, came to use some numbers that are not quite the same, but the percentages allocated to the customers, this means that in his system he will pay out too little to the individual investor in relation to this percentage ownership of the contract which he approved when the appointments had to be approved earlier in the year.
We have told him that until he gets this in order, no payments of any kind can be made through us, as we will not start these until the ownership percentage allocation is completely under control.
We apologize for the delays, but these things must be 100% under control if we are to be responsible for the payments on behalf of a project provider.
More news will follow when we have this available