Oxx paying none of the drilling costs - the US $12.5 million from NZO was for a selldown of a portion of the OXX free carried interest.
If there is another well straight after this one oxx and nzo have put and call options - for another 5% of the free carried interest nzo have to pay oxx share of the next well...
Great deal for OXX on the risk minimization side....
Regards!
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