From RMP announcement "Based on a potential estimated total well cost of USD$25m, Red Emperor expects to retain ............................................"
IF this turns out to be correct then OTTO should have made a profit of US $5.75 on the drill.
i.e US $25million minus US $6.25million payable by farm in partners and minus US $24.5million
payable by BHPBP leaves a PROFIT of US $5.75 million.
IF this is correct then it is not a bad result all things considered.
It will be on to the next FIVE drills with a GREAT starting cash balance.
below budget and expectations - plug and abandon, page-3
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