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Appalachian E&P Signs 60 Well Drilling Partnership with Large PE Firm
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Drilling Partnership Announcement
Antero announced the formation of a $500 to $550 million drilling partnership with QL Capital Partners ("QL"), an affiliate of Quantum Energy Partners. Under the terms of the agreement, QL will fund 20% of total development capital spending in 2021 and between 15% and 20% of total development capital spending on an annual basis from 2022 through 2024 in exchange for a proportionate working interest percentage in each well spud.
Each calendar year represents a tranche including 2021 which begins with wells spud as of January 1, 2021. In addition, QL will pay a drilling carry to Antero on a tranche by tranche basis, at the end of the year following the tranche year, if certain return thresholds are achieved. Assuming QL's full participation through 2024…
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