for the downrampers, page-3

Hi Gerkin and Geezer,
If you dig a bit deeper, as the different preso's and releases are each written slightly differently from each other, it appears that PYM have 52000 acres, which they originally had a 52% WRI and 39% NRI over the entire project area.
They farmed out 15000 acres of this so that they will have a 40% interest (30% NRI) after the first 2 wells. For this they received $500,000 up front and PYM pay 25% of the first 2 wells and production facilities. This farm in partner gets to recover their costs from drilling and production prior to PYM getting their full cut of the revenue... or someting like that! Always been a bit confused about that part of the farm-in deal.

The remaining 35000 acres they still hold a 52% interest.

3D seismic has been shot over the entire 52000 acres.

Cheers,
turtle