could have been a couple of different possibilities, including:
- Lukoil may not have been willing to take on the corporate history of Cairn's holding company (I've seen that happen quite often, for a variety of different reasons, asset sales are often the simpler transaction)
- Lukoil may have been confident in their pricing of the transaction and may not have considered a Woodside PE a real risk (given price of oil downturn, Woodside's share price drop and their other project commitments etc)
Ann: Response to ASX Query Letter, page-153
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