Ah yes, you're right. I confused RMP's 30% paying interest with...

Ah yes, you're right. I confused RMP's 30% paying interest with a 30% stake.

So 60% working interest for AOI, and 50% paying. Still think they'll want to farm down 10-20% of that for a 20-30% contribution of drilling costs like the RMP arrangement though.

AOI have got $100m in the bank, so it's not like they're short of funds, but I don't think Keith Hill would want to be fronting $25m for 2 Puntland drills (if each drill costs $25m that is, and AOI have a 50% paying interest). Take their paying interst down to 30% and they've only got to find $15m which I think would more suit AOI's risk strategy. They've got plenty of other licences to drill besides Puntland.

Might be wrong of course, but that's the way I see it.