What Hot said, plus the factor of control.
35% + 15% = 50%, picking up the COP share through 'some sort of deal' with FAR rather than directly gives a potential suitor control of the leases.
Perhaps 'some sort of deal' involves a generous TO offer, and juicy employment offers to management...
I don't pretend to know the ins and outs of this game, but it appears there is a carte blanche licence for wild speculation on this forum, so I might as well join in.
Email from Cath, page-51
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