There are 31 million performance shares which expire June 2020. They are conditional on “A farmout which includes a commitment to drill a well to a minimum planned depth of 3,000 metres with respect to the Cabora Bassa Project.”
There are another 44 million expiring December 2021 conditional on “Drilling of an exploration well upon the Cabora Bassa Project that results in the maiden booking of Contingent Resources or Reserves (as those terms are defined in the Guidelines for Application of the Petroleum Resources Management System (2011 Edition).”
So to answer your question, potentially 2 years+ before drilling results. Of course, there is plenty of news before then to possibly rerate the SP.
