It would prove very interesting, when confirmed, if USEG & CML collaborate alone (permit process underway)...especially for a well within the Booth Tortuga Lease Acreage...
A comment from HVI when advised...
If Contango chooses not to participate the other working partners pick up their share of costs and benefits. They can split them proportionally based on their working interest or negotiate a different percentage. Sometimes the operator picks up all the costs.
This probably explains the delay in drilling another well on the Booth-Tortuga acreage. It is a surprise that Contango is passing. Perhaps they are looking to sell this acreage and consider it non-core. The best thing would be if they keep it and just choose to keep sitting out.