Conoco's African Portfolio, page-7

Ya ................. Someone posted (not sure who tho') that, under the JV agreements, it is not essential (although probably highly desirable) for the operator to be the majority share holder, not sure if this is correct but also can understand if it is, however with CNE's present financial predicament with the Indian Tax issue they may be willing to sell down 5% of their share to COP which would give them majority, not sure FAR will want to dilute their holding although do understand that by doing exactly that their share of the development becomes less burdensome however if FARJOY succeeds in his plan of presales finance may be easier than we anticipate!!!

HKP