re: Ann: MEO: MEO Executes binding farm-in ag... LoveCCE,
Petrobas are getting 50% of the Artemis prospect.
In order to get that 50% interest (besides any followup costs) they have to:
1. Spend the first USD 41 mm of the drilling cost (assuming it doesn't cost less).
2. Pay MEO 7.5 mm for past costs
3. Pay MEO a bonus of 31.5 mm
Therefore when they open the RLD results holding 50% interest, they will have spent USD 80 mm.
Can anything possibly be clearer, and less worthy of an argument?
EL
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