contingent is in regards to any additional amount that FMOG may...

contingent is in regards to any additional amount that FMOG may pay the 2 Rig Operators, ie Noble & Rowan.

Earlier this year they paid US540mil to Noble for 2 drillships (Tom Madden & Sam Croft) & 215mil for the Rowan Relentless. Thats a total of 755mil. There's US50-75mil in Contingency that may b paid to Noble plus US10-20mil for Rowan.

Overall FMOG saved 350mil post cancelling the 2 rig contracts.

As for Morocco, their 2015 annual SEC filing shows an Impairmement of US165mil. The second well is reqd 2b drilled this year. If not then the tenure can b extended by 3yrs till 2019 (as per the SEC rept).

The Atwood Achiever drilled 5 wells for Kosmos & 1 for FMOG. Currently sitting offshore Mauritania, KOS renegotiated the dayrates from US590k to US495k/d. From April till Dec'2016 the rate is US136k/d (refer KOS's qtrly SEC updates). Lack of HC's at MZ-1 & current oil price envmn't is enough to deter anyone to take a risk to drill a deepwater offshore well esp when there aren't any big discoveries made so far. No release yet by Atwood on challenging any lost payments from FMOG.

FWIW's Woodside did this with Dana in Kenya 10 years ago. Farmed in with GBP to shoot 2Dseis, map out leads & then drill 2 wells. They drilled 1 well, Pomboo-1 in Block L5, which was a duster & WPL pulled out. Matter was legally challenged & eventually settled in 2010 when WPL paid US12mil to Dana & GBP. Those 2 partners didnt bother drilling the second well themselves. Just the way things are with greenfield prospects.