After 1 drill if its discovery they can sell 5-10% in price that much much bigger then 10% carry value.
Average drill = 100 million usd
10% carry = 10 million usd.
10% after discovery (1 billion berrels) = 200-750 million dollar. (my opinion) so they can sell it and stay with 10%.
The case of giving 10% for a carry is just if we faild in the first drill.
what's true value ?, page-65
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