For those interested an announcement on Impact Oil and Gas site last night re Impact reaching a deal on their two PELs with Total. In essence they sold to Total approximately 9.5% to 10.5% equity in Block 2913B (which contains Venus discovery) and adjacent block 2912. Going forward Impact will hold 9.5% interest in both blocks and be repaid costs of USD$99M. The agreement then provides Impact with a carry loan for all Impacts future costs through exploration, apparaisal and development until First oil production date. presumably all costs to be paid from Impacts share of production. Means they guarantee getting to production and keeping a meaningful equity rather than just having a royalty as PCL have negotiated.
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