30% for $50 million would be WI % payment only.
There would likely be another 40+ million in back costs....probably more.
100 million to spend on drilling and flow testing would probably give us 3 wells + flow test + 3D
I imagine all potential farm in partners will want to get all the running room. Its actually been quite fortunate that we haven't made a discovery and had these leases rolled in to one special grant. It does enable SM to do a deal excluding them but I'd guess that would probably be a deal killer for any decent dough.
The above might have something to do with the zero info we have on the eastern leases......not showing his hand too early.
JRI IVZ Fireside Chat - March 26, page-623
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| Last trade - 16.10pm 17/05/2024 (20 minute delay) ? |
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