ok so who is still in, page-31

That depends on what terms AOI get from the drilling contractor. We're paying 20% of the first drill, and get the first $15m carried in the second.

Let's say the oft cited $25m per drill is used. That means we'll pay $5m for the first drill (20% of the costs) and $2m for the second drill (?25m-$15m= $10m, so 20% of $10m is $2m). It's just everyone says we're free carried on the second well as $2m is a drop in the ocean.

Obviously higher drilling costs increase this figure- lower drilling costs will decrease it. Expect something around those figures though, so around $7m for both drills. We've got stacked of cash in the bank so this doesn't represent any problem.

The 700% thing is a clause that says 'if Range cannot fund their portion of Puntland when AOI ask for the money upon mobilisation, Range will have to buy back into the project at a 700% premium if they wish to still take part, once they have the money'. There's no need to worry about this, as, well, it's not going to happen. We've got the money.