Government have a back in right for 10% and have 6 months from FID to elect in or out so yes, depending on if geo stump up their share which they should have to under the JV agreement IVZ should have 72%.
Gov 10%, Geo 18%, IVZ 72%.
The PPSA is completely unrelated to the JV agreement [ who owns/responsible for what ] as OTP stated.
The PPSA sets out the fiscal terms, what % of profit oil the GOV get, which is separate to the JV agreement which sets out who owns what % of the project.
Having said the above, its unclear to me, given what I've been told about the SG and EPO's being separate, whether the 10% back in is of SG4571 too?
My take is its probably not.
So my contention is IVZ have 80% of Mukuyu but will lose 10% of the EPO's atm.
Government have a back in right for 10% and have 6 months from...
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