Update on Seven Seas Project.

Staff Report & Agenda Item Details

Update on Seven Seas Project. Mr. Marez stated that there is no new information to provide but Mr. Stinson from Seven Seas is available to answer questions. Mr. Zahn stated that Seven Seas is waiting on approval of a lease agreement with the Port of Corpus Christi in order to begin work on a test well. He received a draft of the agreement from the Port of Corpus Christi’s attorney late this afternoon and has not had opportunity to review it. The agreement will require approval by the STWA and the Port of Corpus Christi governing bodies. He is also working with their attorney on a short-term agreement of less than a year that can be approved by the Port’s CEO. A short-term agreement will provide time for Seven Seas to proceed with a test well and then a long-term agreement will be finalized for Board consideration.