This bit is interesting
Should the well cost exceed this amount FAR will be liable for its share. It then states, FAR will fund with a CR managed by Hartleys.
Meaning, IMO it may not happen or need to happen.
We are just being told that if FAR needs more money to fund a deeper hole we are set. Remember this would occur in 4 months or so and the CR price is usually set to a VWAP of the last 30 days. Hell it could be 40 cents by then.
Should Ophir elect to continue in the Senegal blocks they agree to pay a reciprocal well promote to FAR (1.5 times the well cost.)
I like the way ME has put this deal together. the more I read the better it seems to get.
Dg
it's out, page-43
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