PVD protectedfrom Drill overruns, page-3

balooba - they would have to contribute over $215m however 3 points worth mentioning - 1: the first well HAS to be fully covered because there is $215m dollars available and one hole cannot be that expensive. 2: management have indicated there is plenty of fat in $215m and fully expect that 2 wells will be covered within that money - any spare $$ are not carried forward to another hole. 3: The money relates to two holes only so if the first was abandoned for some reason and they decided to redrill THAT would be classed as the second hole is my understanding.

so in a nut shell Freeport could only come back at them possibly in the second hole for cost overruns but certainly not the first other than above with total abandonment of first well which would have had to drill down a long way and then complete redrill to get close to consuming all of the $215m - that would be extraordinary bad luck for such a scenario.

so I am happy that at least the first well is a no brainer and cannot expose them to any call for $$, The second well possibly could but that is well down the track and I am more interested in well 1 and any potential disasters as per ppp, tpt, nen, cvn that have hindered the sp appreciation just when it wasn't needed.