I guess Questionable IQ does not consider the possibility that contracts are ritually challenged by one party or another. Certainly in the case of K92 Mining, there appears to have been a renegotiation of their Cartesian contract...annual royalty payments fell.
So Cartesian royalty deals are not water tight...from a legal point of view. No amount of reading annual reports is going to resolve this issue as far as OGX is concerned.
As for Anglo's $3 million JV liability...perhaps you should ask why Anglo won't use it to go ahead with a JV after all? That would immediately make OGX cash flow positive. Instead of a liability (auditors have a way of forcing companies to write stuff up), perhaps it is a hidden asset?
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