RE: Cypress22 May 2020 14:53
In addition to retaining the 25% carried WI, pursuant to the Farmout Agreement, Nostra Terra has an option to participate for a 10% WI at cost in the non-carried portion of the asset, with such option required to be exercised within 30 days from execution of the Farmout Agreement. If exercised this would result in an interest of 32.5% in the well and Well Area with 10% of the well cost (the decrease from a 10% to 7.5% WI is as a result of Nostra Terra's carry for the 25%). The Board will review the seismic data that Cypress has on the Well Area in order to assist its decision on whether to exercise the option.