I noticed that as well cav1965, but I assumed it was just a formality. My reading of it was that the original deal was done with ADE for the 50% farmout but since technically, ADE is not now carrying out the work program - due to having been taken over by BPT - that the 50% reverts back to AKK giving it 100% in PEL 105 again. But the same deal is on offer to BPT and as soon as they commit to the work with dates, etc, they get the earn-in (actually, it's probably on completion of the work, so following the drilling of the first well by BPT). I think the well costs are capped at $10m, from memory, so that's the max that BPT needs to spend.
AKK Price at posting:
3.1¢ Sentiment: Hold Disclosure: Held
