Ann: MEO Executes binding farm-in agreement , page-11

re: Ann: MEO: MEO Executes binding farm-in ag...
"PB spending USD80mm for the entry ticket 50%"

$80million for entry?

The breakdown is

$7.5m re-imbursement (entry cost)
$31.5m cash bonus (entry cost)
$8.2m 20% free carry of MEO for 1st drill
total entry= $47.2m

then to follow
$31.5m cash bonus if drill successful (paid Jan 2011)
$24.8m 20% free carry for MEO for 2nd/3rd drill
total to follow= $56.3m

Grand Total- $103.5m to MEO

Plus PB has to pay own drill costs
1st - $20million
2nd/3rd - $62million

Total entry committment cost - $67.2million
Total follow up committment cost - $118.3million
Petrobras total committment - $185.5million

As for using that as an implied value - that is EXACTLY what I would expect from you!