Ann: Quarterly Report 30 September 2015, page-6

Tenders do not 'need to be paid' - the works completed are paid monthly based on the contract prices (from the tenders), in other words one month after the work is completed the invoice is paid, and this continues on an ongoing basis until the program is completed - if the drilling program takes six months the payments would be due monthly for six months starting after the around the second month and ending about two months after the end of the program, except for disputed invoices. There may be a mobilisation fee for the rig, or for the frac equipment, or it may be included in the operating rates.