O&G Logging Question, page-45

G'day HKP/ZM

''Cairn will retain operatorship and 40% interest in the blocks during the exploration phase. Petrosen, the Senegal National Oil Company, will retain a 10% interest in the exploration phase.

In the event of a commercial success, ConocoPhillips would have the option to operate the future development of the resource.''

''The detailed financial terms of the agreement are confidential; however, ConocoPhillips will pay Cairn a payment inclusive of a portion of back costs on the blocks, along with promoted terms of future exploration expenditure.''


http://www.pennenergy.com/articles/...oil-exploration-blocks-by-conocophillips.html