a couple of questions....

Was hoping that someone might be able to help clear up a couple of questions.....

What does this mean in practice:
"Under the terms of the farm out agreement, Pryme will receive a cash payment of US$500,000 and a free carry on the first two wells drilled within the project area. The carry consists of a 25% back in after payout on the initial well and a 25% carry through to production on the second well proportionate to Prymes interest being farmed out (4% net carry to Pryme.)"

And secondly, am I wrong in assuming that there should be news about Catahoula Lake drilling this week as they were due to start drilling this month in the drained lake bed (one well per month for the next 3-4 months)?

Any thoughts would be appreciated.
Cheers,
turtle