The electric logs of the well confirmed the presence of petroleum shows in the Paleozoic formation with a net pay thickness of 462 feet.
This is reflected in allocating a portion of the revenues resulting from the increase above the current production level to offset part of the partners’ dues.
Initial base price is valued at $646 million, with additional payments to go up to $280 million between 2021 and 2024, wrote Reuters who broke the story
