Let's have a chat about those two wells required before WE FID, Moriary 2 and Lockyer 6 which constitute the remainder of payment to MinRes above the $750m already paid.
Moriary 2. - $200m payable if greater than 89bcf 2C confirmed $0 if less than 30bcf. Already drilled and tested. Flared.
Lockyer 6 - $2/gj up to $74m max payable if greater than 37Pj 2C confirmed and certified. Currently drilling.
My question is how exactly do we think these results affect the WE FID? Positive discovery means lots of gas, money transferred, build their plant? Poor results means not enough gas, extra cash to throw around, buy out JV, go ahead with her own plant.
Even the above discoveries of an additional 130Pj will only supply a 250Tj plant for 18 months.
Help me out with a scenario where it falls into place and FID proceeds.....
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