Custos, being the local partner, are probably carried. They may not want to give up anything - but who knows?
Obviously dependent on what is proposed as consideration, I reckon PCL would be looking at ~15-20% carried on 3D + 1 well and some cash. If that is say ~$100m value for 55-60% equity, then it values the acreage at ~$167 to 182M. Given neighbouring transactions I reckon that would seem like a good deal. We need to remember that success in PEL87 is not a given yet.
Ann: Quarterly Activities Report, page-197
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