Great. They are now committed to a free carry of 20% (with drill rig booked) and they still have another 75% of another lease in the same area down south. One can see that if this first well is successful, then a free carry farm out on the second lease will almost be a given. They also receive $7m cash on spud and that means they may dodge another little placement. In the mean time, ,bring on the gas. dyor
Ann: Rig Contracted to Drill Cormorant-1, Offshore Namibia, page-3
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