blackwood clarification, page-2

Hi iam

I trust you are well.

Just a few follow up questions to a post of yours back in February this year - please see extract below.

Am I correct in assuming that, even if ENI decide not to increase their stake in Blackwood to 75%, because ENI are drilling B2, ENI will continue to maintain their 50% interest in Blackwood? And,if ENI do not increase their stake in Blackwood to 75%, ENI MUST undertake "Blackwood development studies"? I am curious to gain your thoughts as to what ($$/activities) must be invested by ENI in such development studies for ENI's commitment to have been met?

Thanks

Adl

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Extract of iam's post:

"I decided to contact MEO to clarify this anomaly and have decided to share their explanation with the forum, in case anybody else was as confused as me.

‘Eni already have 50% on title and it will be earned once B2 is drilled.’

‘The 180 days refers to the decision to increase their interest to 75% or stay at 50%. If they stay at 50%, then development studies must commence.’

‘The intent of the clause is to keep moving towards development.’

So, once B2 is drilled, Eni will have 50% Blackwood".

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