My thoughts, and please don't get caught up in my figures as example only on how I think it will work.
Going early with estimates of say 3 to 5 billion barrels, they offer 20 cents a barrel straight up and a royalty on barrels produced later.
They wait until successful drill then the offer would naturally be higher.
Drills a dusters, waiting game on further drilling.
Final amounts could and likely will differ to my example, but it is IMHO how it will play out.
My thoughts, and please don't get caught up in my figures as...
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