RE:First Drilling Prospect.....Still of the view it wouldn´t rational to drill EW on their own. COS is really great for EW but still very risky for co like MNP.
IMO if they would like to commence drilling at their exploratory licences on their own, without farm-out, they would drill the first well at the prospect which has assigned about 30MM contingent resources independently - it is an assumed extension of Mahram oil field:-)
Abother thing - with such financing deal MNP could negotiate really favourable farm-in deal with reimbursement circa 15-20MM, protecting cash position within drilling the first two targets ( free carry) for leaving of circa 40-50% stake in both licences IMO...