Ann: Thackaringa Joint Venture Agreement, page-2

Where is the popcorn emoticon?

This is going to be interesting.

3.3a

"COB has the right but not the obligation to earn an additional 15%"

Seems fairly straightforward. 

Schedule 4.3 (Dispute Resolution) shows BPL up; no dispute is allowed to affect the ongoing nature of the Joint Venture Activities. This means that the bleating about COB undertaking activites not agreed to is ireelevant; the JV Manager (which was COB and is now COB) has to do what it was instructed to do, which is spend money. It makes payment calls, and if BPL elects not to pay, it starts diluting. 

It can elect to cease diluting, if BPL wishes to retain its 30% interest, but that would require BPL to put its hands in its pockets.