Under the agreement, Total has anoption to farm-in to the licence and earn a50% stake by funding 100%of an exploration programme, of up to a cost of just under £13.5million ($22.3 million), which include seismic acquisition and the drilling of onewell.
IfTotal chooses to exercise its opt-in option, Egdon will remainoperator until the completion of the exploration programme.
Inexchange for being granted the option, which expires on 31 December 2015, Total will pay Egdon and itsPEDL 209 partners a non-refundable fee of £1.5
