Forward to the Farm In, page-826

There is no problem having 80% - 20%. I just suspect they want everything set for drilling. No distractions and no uncertainty.
I believe the reasons we are waiting are 4 fold.
1. Covid.
2. I believe the farm in partner wanted a PSA before signing and also the new seismic, my guess, based on the farm in being an MOU until next year. I suspect they want to look at the in fill seismic before committing fully.
3. Governments are slow to do anything especially in Africa.
4. There are a lot of moving parts to a PSA and given Scott said they were getting easements ect all built in then it would take some time.
I emailed Scott probably 12 months ago and asked about the current way contracts are done.
He said a deal could be done subject to a PSA in the future.....so my guess is they decided to get get that all done prior to drilling.
PSA/PSC are the industry standard
. If you are going looking for 8-10 TCF and 250 mmbbls of condensate then IMO its best not to have any surprises after you make the discovery, PSA gives everyone a full picture of who, what, when and where.