SilentPatnr, to say it in clear words:
* drilling at florence is funded by Pine Brooks contribution of US$ 7 Mio. to the new entity.
* COI share in that new company is 43.75%
* If they drill successful wells at Florence, COI will recive 43.75% of the revenues from Florence.
* COI may develope their Aussi CSM asset from that revenues.
* If (and only if) Pine Brooks contibute another US$ 19 Mio. for the ongoing US program (for example for Grays Habor), then COI interest in the new entity would reduced to 20%.
For now: the Florence program is funded and COI has a 43.75% stake ...
escapes the states. , page-17
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