After re-reading the Shell farm-in announcement you need to take into account this part of the statement:
"To earn its participating interest Shell will undertake the following:
* Contribute 75% of the Gindara-1 exploration well cost up to a maximium well cost of US$24 million.
The 75% contibution by Shell would mean that NDO and KIK have a smaller percentage cost to pay on the first drill providing it does not exceed US$24 million. Is this how you guys read it? Thanks in advance.
Ghia
shell on board, page-28
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