Finally we have access to the Batu Gajah and South CPP. That is where the potential real elephants are potentially located. The surface right holders had all the cards and got a sweet deal. POE had no choice in the matter, if it ever wanted to drill.

What is not clear from the NR is whether the 20% ceded to the surface right holders will come out 100% from POE's 77% i.e. it becomes 57% working interest, or whether all the current holders will share i.e. it becomes 61.6% (77% x 0.80 = 61.6%). Hopefully the latter.