No, that just was buying out the STACK JV where Merchant provided the drilling funds, BRK provided the well bore equity . The WI interests ranged from 0.03% up to 19% for the Herring well. The JV revenue was going back to Merchant until payout of the drill costs where then the well bore equity was going to be divided 75%BRK and 25% Merchant until the end of well economic life.
David offered to close out the outstanding JV monies ( ~$2 million) owed to Merchant for shares in BRK and no 25% of the BRK WI to Merchant. Basically bought back the farm and accessed the cashflow with no well bore equity loss to Merchant at a time when commodity prices were low but recovering.
US$ and not part of Orion... you can kinda forget about Orion for now as SWISH magnitude swamps it.
cheers
Dan
Ann: Full Year Statutory Accounts, page-8
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