Ann: Alaska Operations Update - Winx-1, page-89

If I am correct about my assumption of the 'back-in' right of great bear, and winx has infact spudded by now, we havnt as yet received any news yet of Great Bear having elected the first part of their option to back in, namely that:

"The consortium partners will provide the following consideration to Great Bear...;
Provide an option for Great Bear to acquire a further 10% working interest prior to the spud of the initial test well by paying the pro-rata share of all costs of the initial test well, including all associated costs, or if exercised within 6 months of completing the initial test well by paying 200% of the pro-rata share of all costs of the initial test well, including all associated costs."

This means to me that by now, if Great Bear elect to claw-back an additional 10% interest, they must now pay 200% of their share of pro-rata costs of the well.


Cheers Deus