So then it would be:
Geo-assocates start with 100%.
Farm in gets say 30% reducing GA to 70%. GA gets 70% of back costs (which IVZ gets all of as onegas is free carried to FID)
The SWF gets 10% reducing farm-in partner to 27% and GA to 63%.
GA at 63% is effective ownership for IVZ of 50.04%
50% effective + back costs + 2 year program paid for would be pretty sweet.
Ann: Strategic Investment & Production Sharing Agreement Update, page-304
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