Replies to post #2929 on Hero Technologies Inc (HENC)

[futrcash]

Actually 100% of the first 3 with partners paying their fair [proportionate share] on subsequent wells-

Nevertheless they don't qualify for the full 55% before six wells are drilled.

Terra Nova is required to solely fund dry-hole costs for the first three wells drilled. In the event any well drilled as part of the six (6) well program on PEL 112 and PEL 444 tests positively for commercially viable production of oil or gas, Terra Nova will also pay 50% of the total completion costs of such well(s). Other working interest holders, including Holloman, will pay their portion of the residual 50% of completion costs on a pro-rata basis.

Now I understand!

futr