the $47 comes from the est #3 well costs projected by SNG to be $75 to $85. The WI are SNG 60% and BG 40% to earn 30%. SNG farmin by challenger was 33% for 25%. So SNG's portion of $75 * 60% = $45 of which challenger should pay 1/3 = $15 and SNG responsible for $30.

Also...SNG has revenus as reported same NR of $20m/quar with 3567 boe/d.

SNG also has the libya gov connection.....several large funds w 15+/- % shareholdings.....we know challenge has Canbriam....that is hungry for growth/expansion and my guess will at lease fund the $15 owned SNG by challenger.....

so I would be surprised that this doesn't wash out for us SH.....