qgc takeover, page-50

No Capman,
I think you are seen as a valued poster around here. Very level headed & a valuable contributor imo.

For the full 20% share they must also spend the $170mil towards total exploration...BUT if they choose to choose..."in each permit"...

From the agreement....

"(Note : it is not compulsory for PXA to expend sufficiently to retain a 20% interest in each permit; they may, subject to certain caveats, retain either a 6 and 2/3 interest {1 well plus seismic works} or a 13 and 1/3 interest in each permit {2 wells plus seismic works}. Further, it can not be assumed that all of the permit applications will be granted)"

So there are what if's written into it...they may go through many agreements with 5% here & 20% there if you know what I mean:)

My earlier calcs were for the full load...20% of CTP.