latest vietnam announcement, page-6

Hi Gregke,
Yes it is probably not exactly what we wanted to hear in some ways.
However....let me see if I can explain what I understand.

Essentially PPP has a farmin agreement to get a 15% share of Block 07/03 which essentially came from Global Energy, GSPC and Bharat PetroResources all agreeing to divest 5% each from their original 25% share each and giving 5%+5%+5% = 15% to PPP.
But there was also a provision that PetroVietnam (the Vietnam Government's oil exploration company) could, if it wanted to, exercise a pre-emptive right to gain an interest in Block 07/03. In other words it can back into the Block by right.

I think it is entitled to get a 15% share of the block.

Now the question will be where that 15% (or whatever the amount is) will come from.
Will all the partners (including PPP) have to give up a small portion of each of their share or will PPP, as the last farmin partner be expected to give up the most of its intended 15%.

In most of these cases all the existing partners usually give a small proportion od the share to make up the required amount