Big Week?, page-121

Re the WPL / COP thing and pre-emption, I have been reading everyones waffle and thought I'd add my two bobs worth (of waffle).

Isn't that straightforward. WPL are not buying a 35% JV interest as such but buying the shares in the company off COP that has the 35% interest. Therefore at least in the short term nothing changes as far as the JV structure in concerned. CNE are still the operator.

WPL mention that the transaction will give them the option to become operator subject to the approval of the Government of Senegal.

WPL also mention they expect the deal to be finalised by year end. I think a 30 day pre-emption period is ridiculous. In Australia there have been pre-emption court cases. Santos Vs Apache. I would assume the JV is in Senegal's legal jurisdiction, might as well say the Senegal Government.

Pre-emptive rights may not be on a proportionate basis but could be in the form of buying shares in COP'S vehicle.

Do the other JV parties use vehicles to hold their interests?

Speculation Etc