Sounds good cab. I wonder though what rights Galp have owning...

Sounds good cab.

I wonder though what rights Galp have owning 50% of the block. Do they have a first right of refusal over TPT's share?

It's usually the minority holders that get screwed so if TPT want to farm out to another player would there be a % contribution from all players towards seismic/development costs?

I think that a further farm out to another party as being an option, but there needs to be demand to create value for TPT. I wonder how much information regarding the drill Galp has provided TPT (I doubt any) which will be able to be provided to parties interested in buying part or all of TPT's share.

Once again in my mind I'm back to Galp taking over TPT's 25% at a fire sale price.