yep that would b right, however Cairn retains certain pre-emptive rights (refer their March13 release).
U'd think Petrosen will stay put at 10% for the exploration phase atleast. Their equity goes to 18% for the development phase.
So if they increase their equity to 18% then the additional 8% is pro-rata'd frm FAR-COP, ie 1.3 & 6.7% which leaves FAR:COPetrosen with 13.7-28.3-18 %
However as the project gets to development phase, COP has the option to become the Operator.
What I don't know is the balance of interest in that case as Cairn never released that & neither did COP in their SEC filings in 2013.
Conoco's African Portfolio, page-5
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