From memory upon DOC Petrosen is responsible for its 10% share of costs and has 6 months to decide whether to take up its 5% back in.
The DOC relates to the discovery field but the question remains what is the extent of the field. Have these 3 wells been enough to delineate the two discoveries FAN and SNE.
Once DOC is declared they have 6 months to submit a POD (Plan of Development) for Ministerial approval.
It is a no brainer to take up the increased equity !
Again from memory will try and dig out the KOSMOS Production Sharing Contract its buried in one of my computers somewhere.
Anyway I have always modelled this on FAR having a 13.7 % share of Profit Oil plus recovery of its share of costs
Is a Left Field Event Possible, page-77
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