Can someone clarify this.
Our 10% commitment is capped at USD$1.33m after which MEL reverts to a 10% participating interest.
Doesn't a participating interest mean we fund our share of the costs after this?
So if the well turns out to be a difficult well, like the first one, these costs could blow out to USD$2m or more?
Ann: Election to participate in drilling 1st well at Bivouac Peak, page-2
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