disgrace, page-28

Dis

Thankyou for your analysis of the potential royalty situation.

My reading was, initially, more neutral, even benign as mentioned by another poster.

I blame this on the impenetrable use of language in the ann.

To clarify, we may have a lease where what we thought we had in terms of royalties, has changed to a situation where we may have an extra royalty. Agreed?

You say:

"If they are left with significant royalty interests on their leases, much of the leasehold could be non commercial."

I do not disagree, however, the significance of this rests on the meaning of "significant".

Do you envisage an overiding AKW royalty greater than 25%?

If limited to this, then the total NRI might be 50%, which might mean that the Leases remain very commercial( given the low well costs and high probabilities of success.)

Just not as good as we thought.

Do you, or any other interested party, have a view on this?