Yes but that is why they have gone down this track. If it is a dud, they may choose not to continue with drilling any further wells, and have lost nothing.
If it is a good strike then the value of the SP would have increased and the potential would appear to be a company maker. Any additional costs for future drilling would not be a problem for company or Share holders.
Yes 15% is less then what they have originally held, but 15% of something is better then 100% of nothing.
Ann: BUY PEP 11 Update , page-7
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