They will need to invest maybe $100M to prove this up?

After, once everything is said and done, maybe capex will be $2B?

We own 100%, but no carried interest to production.  Majors will bleed us to death and maybe offer 25% of the NPV in 10-15 years?

I would take 30M now and poke holes in Arizona with higher grades.

At minimum, option out the property with solid terms including milestones and timelines.

MoneyK