?? has an immediate, initial 15% working interest in PRL2, subject to using its best endeavours to undertake a $10m work program within 12 months (“Phase 1 Program”);
?? can earn an additional 35% working interest (giving a total working interest of 50%), subject to making an election to do so within 2 years and then undertaking a further $40m work program over an indefinite time period; and
Revise the terms of the farmin agreement and work program with a view to accelerating commercialisation of the hydrocarbon resources of PRL2.
