In the interests of fair play, an extract from 07 Annual Report....
The second stage requires Kairiki to fund 80% of the cost of drilling a well in SC 54 up to a cap of US$15million. Costs in excess of US$15 million are to be borne by the parties based on their respective interests, i.e. Kairiki pays at its equity level of 40% (ground floor) for well costs beyond US$15m. Permit obligations require this stage to be met by February 2009.
Obviously funds / farm down required but keep it in perspective.
wonder what the week holds, page-20
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