could be wrong but I read it as: TPT were short $3.4mm on drilling and owe this to Galp. to cover this debt they are assigning 25% equity in the block. if the assignment doesn't go through then they have to pay the $3.4mm.
they then also pay $3.4mm if market cap hits $50mm in 7 years.
after raise, leave TPT with $2.45mm. they must be comfortable with assignment to Galp going through ok, otherwise they are ~$1mm short
Here we go!, page-17
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