A truly comprehensive coverage of the of the unfolding events...

A truly comprehensive coverage of the of the unfolding events but there is a fourth option ive attached

4. PNOC EC signed a Letter of Intent (LOI) to Nido to farmin to SC 6B and participate in the drilling of the Cadlao 4
well on the following terms:
• PNOC EC to acquire from Nido an undivided twenty percent (20%) participating interest in SC 6B for the
drilling and EWT of the Cadlao 4 well.
• PNOC EC shall pay to Nido prior to and during drilling and EWT operations:
o US$3.34mm to be paid upon execution of a binding farmin agreement to be finalized no later
than 31 July 2023.
o Up to an additional US$10.01mm to be paid upon cash calls as operations commence. The final
amount is dependent upon actual approved costs by the regulator the Department of Energy
(DOE).
• PNOC EC farmin agreement to SC 6B shall be subject to DOE, and the usual respective Board and Joint
Venture approvals