Hi Opt,
Mate, signing on for options carries no risk...it's when you eventually pay for them that the risk emerges, and it isn't necessarily soverign (although that's probably terminal)...we saw a number of employee oppies taken up on the slide down from 50c+, only to still go lower than the conversion price - most in the mid 20's...cest la vie!
I think a 30% working interest is a bit steep...I have a hunch it will be lower, but won't complain if it's not.
Also, NDO's share of your figure would be 40% after your 30% working interest...the Pines gov get the other 60%...US$20/bbl is very conservative.
3 billion barrels potential, page-3
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