RE: Understanding it I guess thats one way to interpret the numbers from the Farm-In News Release. Below an actual quote from that news. It sounds to me that either way they had to make a 3% payment. a. With its election to fund or b.within 10 days of election not to fund. I think they made the payment and are plannng to drill.
I also tend to go witht the latest news which indicates the drilling will commence immediatly upon approval of the EIA, which leads me to believe Rockstone is funding the well program. Either way thats not an issue as I understand there are several companies waiting in the wings to jump on to this one if Rockstone bails.
"Concurrently with the delivery of its written election to fund the well program, or, in the event
Rockstone elects not to fund such well program, within 10 days of the earlier of (1) delivery of its
election not to fund such well program or (2) the expiry of the election period, Rockstone shall
make an additional payment of US$100,000 to OOI in exchange for an additional 3% working
interest in the Block."