RaviJust read your Post No. 7467840 re 'Rain" in which you...

Ravi

Just read your Post No. 7467840 re 'Rain" in which you reproduced part of the Ann of 22 Nov from BKP.

This states that PFC will earn 50% of EP127 & EP128, on completion of the 500m. hoztl section of Mac-2.

There is something that I am missing here.

BKP indicates in their Ann of 4 August 2011 that 'BKP has a carried undivided 25% working interest up to completion of a minimum 500m. of horizontal drilling into the Basal Arthur Creek shale in either EP127 or EP128'.

Can anyone clarify what these 2 Ann mean?

I can now only assume that BKP retains 50% of both EP127 & EP128, but is only 'free carried' for 25% of the COST of the 500m. horizontal. It appears I have mistakenly(?) interpreted that BKP only ended up with 25%.