Yes your quite correct in your assumptions about their being a...

Yes your quite correct in your assumptions about their being a big difference between WHN's farmout and the one MEO negotiated in 2010. For starters MEO and Petrobas where targeting 12tcf of LNG gas, whereas WHN are targeting 3.5 billion barrels of oil!

Don't see how you can be so definite about what payments management may recieve upront?

A big part of the delay with the MEO farmout was also the JV partners such as CUE energy were'nt happy with aspects of the agreement with Petrobas after an initial agreement had been met with MEO and had to be renogotiated to suit CUE demands! Thankfully WHN don't have any third parties to slow down negotiations.....