RoyaltyIndividual companies have negotiated separate contracts with the Kurdistan Regional Government. As an example,
NKO and VST are equal partners with Qara Dagh... NKO negotiated a 10% royalty, VST 15%. Same play, VST pays 50% more on potential profit.
On the other hand, LFD has negotiated an (ahem) 40% royalty with the KRG, 4 times what NKO negotiated. I'm pretty sure that EOIM or Maysteeler haven't mentioned it.