Thanks getting my mind around this again the underlying...

Thanks getting my mind around this again the underlying principle with PSC is

(a) Petrosen free carried for all exploration and evaluation ; and
(b) Petrosen pays its cost share and can up its share to 18% ONLY when JV granted a 25 year (with renewals) exploitation authorisation over a specified area.

The Ministers instrument of Exploitation Authorisation is the trigger which covers a defined area of the marketable Deposit in the instrument.

As I said before not sure what area would be designated after the evaluation period or they may have agreed a staged approach SNE early the other areas to follow over next 3 years evaluation and interestingly the new 3D seismic in the adjacent block will trow up more prospects !

To my mind I would want to drill deposits that would be wholly contained in JV leases and any that may extend into other blocks (like the southern fan) let the other block owners drill for it !