Not just back costs, but also operating costs. Essentially the project as a whole has to get into the black before MAY receives a cent. Potentially good long term, but there is nothing stopping the operator from drilling another well (and incurring more costs) at the point that the project is about to tip over into 'profit oil' status. It's going to be a long game for holders.
Ann: Binding farmout agreement signed for Block 9, page-10
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