Wilson, The other requirement was the formation of an exploraory unit, but I'm not sure what it is. See the below extract from the June 25 announcement.
The likely pricing variables for this transaction, as described above, can be summarized as follows:
All current holdings subject to the transaction US$ 79.1 million
If the Exploratory Unit is not formed US$ 69.8 million
If the Unit is not formed and the drilling operations are not commenced prior to the leases expiration US$ 61.0 million
SSN Price at posting:
7.1¢ Sentiment: LT Buy Disclosure: Held
