I suspect we will sell Dorado permit. Its the most attractive as it has been appraised and the prospect of upside with Apus will attract buyers.
And once Dorado structure is up, it can charge a service fee to extract oil and gas from other permits like Pavo.
So we might have to pay 30% service fee for the extraction of Pavo's O & G, but will earn back 10%, as the 10% holder of the Dorado permit (assuming we sell 10%).
Ann: Fully Underwritten Institutional Placement, page-59
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