announcement logic

http://energy.ihs.com/News/oil-gas-exploration/2009/Premier-partner-drilling-Vietnam.htm

"PertoVietnam has the option to back-in to the licence for a 15% interest in the event of a commercial discovery"......this indicates all parties in JV will be contributing....yes?

PPP's farmin ann on 12 May 2009. "15% interest in the Block 07/03 Production Sharing Contract " and later "PPP will participate in the current well at the 15% level subject to Vietnamese Government approval, and a waiver of pre-emptive rights by PetroVietnam"........so if the pre-emptive rights are exercised PPP has already acknowledged the 15% changes....yes?

PPP's ann 13 Oct 2009. "PVEP, intends to exercise the pre-emptive right right on behalf of PetroVietnam, and is considering the acquisition of part of the Participating Interest from the assigning Contractor Partner Party, Premium"........so this part would have a different cost ie all past work etc. More due diligence.....yes?

My conclusion is that all parties in JV are involved in the pre-emptive back-in. PPP not shafted....yes?

Comments welcome.

Fred