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The Placement is to provide the Company with additional working capital for further appraisal and/or drilling work on the Surprise prospect discovery in the Amadeus Basin and to augment working capital which will ensure Central has the flexibility to pursue a number of farm-outs which are in the best interests of shareholders whilst also maximising the Company's acreage valuations.
In all instances we will be looking to monetise our asset base for the benefit of our shareholders and to this end we are actively discussing possible farm-outs for several of our projects with a number of interested and suitable partners.
6% of the drilling costs of these first two wells with the other 20% of the Company's interest being paid by RAG and Sorgenia under the terms of the Company's farm-out to RAG and Sorgenia.
Steve has extensive land transaction experience, including acquisitions, divestitures, leases, swaps, JOAs, joint ventures, farm-ins, farm-outs and easements.
The Company holds a 100% working interest in all of its permits and application areas other than the Simpson, Pellinor, and Bejah prospect blocks within EP97 where the Company has a farm-in agreement with Rawson Resources Limited, and the Mt Kitty and Magee prospect blocks within EP125 and EP82 respectively which are the subject of a farm-out to Oil and Gas Exploration Limited.
Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements due to factors such as market prices, farm-outs, relinquishments, exploration successes, continued availability of capital and financing, and general economic, market, political or business conditions.
Under the terms of the farm-out agreement ("Agreement"), Shell will earn 55% in GR17-NP, GR18-NP and GR19-NP; and 70% in GR20-NP, GR21-NP and GR22-NP.
TLM is also considering the sale of some exploration assets and farm-outs in the North Sea which could attract another $1 billion in aggregate.