Email from Cath, page-102

.but a free carry JV Partner with PE rights??? that's a first to me.

So using the same logic as your above statement then that same jv partner should have no say in the jv operations! You can't have one and not the other. You are either a jv partner or you are not regardless of whether or not you are free carried. To put it another way, if COP or CNE decided to offload their equity in the jv prior to drilling Fan then using the same logic FAR being free carried would not have had PE rights.

I find it hard to believe that some struggle to comprehend that Petrosen would want to PE for the exact same reason as FAR which is to onsell that PE stake to the predator for some financial benefit during the construction phase of the project. Petrosen is laughing all the way to the bank because they also get to increase their equity in the jv once DOC is declared. The Chairman of Petrosen pulling off something along these lines would be held in the highest of regard.