Member Info for RNSTranslator

Wressle: Some numbers to consider, not my numbers, but those from directly UJO/public information.
Starts Oct?, Production 200 bbls/day, Oil Price $42, Opex $10/bbl ($17/bbl if you include costs to date)
So - Yr 1 Revenue at $32/bbl after opex, assuming 350 days per year of production and no decline. $2.24mm = £1.7mm
Payment due to Calmar LLP on "first commercial production" £ 2.08mm =$2.74mm (2*£1.04mm)
Seems to me they need to pay Calmar more than the first years net revenue.
UJO seem to highlight that payment is due at "first commercial production" in inverted comma's in their release.
What does this actually mean? Clearly producing and selling Oil at $42 when costs are $10 is commercial so is it due
on the start of production, before any significant revenue?
OR
does it mean, the point at which they actually make money including what they've spent to date, and so is only due once they've recovered past costs. Clarification on this is important because otherwise it could be they have to spend £2.08mm when Wressle starts producing essentially before any material revenue accumulates. Given they have £5mm in the bank and they need to drill a well and test two wells, it does beg the question of are they fully funded if its the first interpretation?

I think Corallian will need to be fully written off soon (£2.5mm written down in todays results) still over £1.1mm to go.
The IPO will not/did not happen in early 2020 as the last fundraising in to them suggested.
So confident of the upcoming IPO and the value of their Colter Discovery, The Corallian team have just started up new companies: in Wind Power, (Australis Energy , formerly Roaring Forties Ltd), and yet another Oil company - Extra Virgin Olive Oil Ltd, (I kid you not, its on Companies House.), at least they can now pop down to Waitrose for more reserves rather than trying to drill for it.