General Thoughts, page-855

Yep, no question the obligations will have been completed. However, there are no guarantees Woodside will farm-in at all. Though this seems unlikely given they will have paid probably north of $40m for the 3D (it was $35m estimate for the 5000sqkm area). A well is likely to cost more than $50m, so there is that hurdle, although I know from other Namibia offshore blocks, the minimum expenditure for the first drilling term was $20m, so that could be the "out" if Woodside enter the next term and don't drill. But then would come the legal stoush... For clarity, IMO, Woodside will join.