Ann: Farm in Option Agreement for a 2-well Campaign, page-96

On the face of it, it's a huge Christmas gift to Cluff.

So my first thought was WIERD.... as management aren't total fools, and they personally have big skin in the game.

Why give away so much for so little? Funding we've proven we can raise, and already IVZ is proving it's competence politically and in the field.

So my next thought was "under the table deal"? Dirty, dirty.... but why would they? And seems out of character for IVC.

That it's "non-binding" gives me hope it's the opening shot in a auction process. Perhaps nobody wants to go first, but Cluff (given a low ball) was willing to be the stalking horse that triggers the bidding war.

If IVZ actually goes ahead with this deal, I'll be very p*s**d off. I'd rather IVZ did it alone.

But in the end, management is astute, have their skin in the game, and know the ins and outs of this a thousand times better than we do. I'll trust them to deliver this great opportunity.