My guess:
- 15% retained
- Big 3D seismic survey (~US$30m gross cost)
- 1 firm well (capped at US$70m gross) + 1 contingent well (capped at US$70m gross)
- US$20m cash
That's a US$15m (US$25.5m if cont well drilled) work activity carry +US$20m in cash = US$35m (or US$45.5m) value + risked value of success.
Or an unorthodox offer/deal from left field...
.08 last minute, page-44
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