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clock Created with Sketch. 05/04/19
21:23
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Originally posted by Hotazel
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Hi Cosmo ( and a few others.. OdoubleO also comes to mind, referring back to one of his posts yesterday),So there was no side-deal, which would support the original contention by COP that they had supplied all relevant documentation to FAR to PE (maybe not in the right order) "FULL pruchase price for the COP BV is US$350mil + approx US$90 . BUT NOTE. That is the full purchase price for the BV . WPL's statement clearly states at the end: " The acquisition includes a 35% working interest in three offshore exploration blocks ..."NET FULL PURCHSE PRICE for the COP BV (not just the 35% interest) of US$350mil +approx US$90mil.JV partners (FAR and Cairn) are NOT, I repeat, NOT allowed to purchase the COP BV . The remaining Parties are only allowed to acquire the participating interest (the 35% interest in the block ) and as such ought to be "carved out" from the rest of the COP BV assets and "taken out" of the COP BV. This is a pretty crucial issues but I'm not at all sure whether these 2002 provisions are contained, an apply to the current JV partners.
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From what I have read on Pre-emptive rights -Change of Control in the 2002 AINP model JOA, Article 12.2(f) , I would agree with you that if COP had not given FAR a separate costing on their 35% interest then the Seller ( COP) would be in default of proper disclosure according to the JOA. I'am assuming the Article was in the FAR/COP JOA.
(20min delay)