Ann: Matuku-1 Weekly Progress Report No. 5 , page-24

OK, so by Nov '14, we have to have done the seismic regardless. We also have to relinquish acreage regardless; 25% if we commit to another 400sqkm of 3D by Nov '15, or 50% otherwise.

Interesting that the well had to be done to TD within 52 months after the grant date, which is 19 March, so here's hoping it doesn't drag out like Palta did!

Then the next relinquish point is Nov 16, so in less than 3 years will have only about 800sqkm left of the original 1600 or so, so in theory that could be completely covered by 3D.

We've got till Nov '17 to drill again (8 years) then relinquish 25% regardless again in Nov '19, and third well by Nov '20.

(I note that this is pretty much exactly what Camry and Steve51 have said, just reading the document and writing it out to get it clear in my own head and add a little extra detail)