Ann: Quarterly Activities & Cashflow Report, page-3

This comment really stuck out for me:

"Otto is working with a number of non-operator partners to take between 30-40% working interest and participate in the drilling of Hawkeye-1. Otto will operate the drilling of Hawkeye-1."

Assuming they get to 40% of the well and it is farmed out on a 1:1 basis and the total cost of the well is US$50M, then for Otto to retain a 60% working interest then that would cost 60% x US$50M = US$30M.

As BHPP have already agreed to pay US$24M towards the cost of the well, that leaves OEL's cost as only being US$6M (if my assumptions are correct).

You would also think that the 12 month extension they got on the well will play into their hands because absolutely no-one will be booking any offshore drilling rigs at present, so the cost of these should start to fall away quite sharply as they will have different options available to them I expect. So US$50M cost may be an upper limit rather than a lower limit.

Interesting. Sounds like progress.