Exactly, so in other words, cash outstanding can be 2 x the guaranteed work program amount. I'm not sure they even allow a reduction in the LC after a portion of the program is complete; I think the lot is held until the entire work program is complete.
It is not necessaril double the actual cost of the work though, as often oil coompanies will exceed their work program commitments, but it hurts the cashpile no matter which way you look at it
sub 20c, page-14
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