Big Week?, page-156

Hi Coit,
I'm not sure what the exact distinction is that you are concerned about. The WPL words convey that the transaction is to acquire COP's interests in the project. These interests include 35 cost/profit share subject to PSA conditions AND operatorship in Production phase. The transaction still needs govt approval. (For those who believe that only the operatorship is subject to govt approval, consider the situation if a company from a hostile or strategically opposed country tried to buy the interests - no deal - something like our FIRB.)
I don't there is a company vehicle for the project as such but simply a 'partnership agreement' between all the parties (Each jv company is likely to have its own local subsidiary for banking and legal reasons). The operator for whatever phase is responsible for admin, such that right now if you were to do some consulting work on the core samples, your cheque would likely be drawn on Cairn Senegal Inc SNE A/c 3 or something like that.
So what the transaction entails is WPL standing in stead of COP in the partnership with all rights and obligations unchanged.
Now we're up to 6c worth on this sub-thread.
Cheers