Basically, but I would assume BECC is carried to the tanks, then in for operating costs. In other words, they are getting 25% of the well without paying for any drilling and completion. Otherwise, they would have said 25% override, but they don't always use terms in the normal way.
Also, I am not sure which shareholders you mean. Direct investors pay Breitling's way. The carried interest would generate income for BECC if the well ever established a positive cashflow. That would benefit BECC shareholders if BECC ever made a profit.
