shell on board, page-18

Transaction Summary
Under the terms of the Farm-in Agreement, Shell will acquire a 45% participating interest in SC 54B with Nido contributing 27% and SC 54B partner Kairiki Energy Limited contributing 18% of their respective participating interests. To earn its participating interest Shell will undertake the following:
� Contribute 75% of the Gindara-1 exploration well cost up to a maximum well cost of US$24 million;
� pay US$2.5 million towards past seismic costs; and
� pay its pro-rata share of the 2010 and 2011 Work Programme and Budget from the date of signing.

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Strat,
Not quite sure how you arrived at that from the ann?

I read it as Nido contributing 27% (of their previous 60%)
and KIK contributing 18% ( of their previous 40%) for Shell to obtain 45%.
The 3rd point says Shell to pay 45% of future costs.

Hope I'm wrong, I like your version better!

Cheers

$eeker