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.
General Thoughts, page-2809
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