Ann: Covenant Mondo JV Update, page-16

From the 17/9/2014

"TLU has already funded 30% of the unrisked cost of the farmin program to
the CMP which includes an owner and promote fee as well as two wells to
a maximum depth of 9500 feet. Once the farmin is complete, TLU will have
a working interest (WI) or participating interest (PI) in the project of 25%. In
house estimates for the potential recoverable oil in the CMP are very
material and have been reported previously."

Read todays ann and you will understand