Hi 34232
Please see all my previous posts on the topic. I also posted ALL the relevant PE clauses which is selfexplanatory.But note that those clauses are all taken from the 2002 AIPN model JOA.
As stated a number of times, if referencing to the 2002 AIPN model JOA,... it's not a case of FAR and/or CNE and /or Petrosen to "pick and choose" how much they each "would like" to PE. Each, on their own, must be willing and capable to PE the entire 35%. And if it then turns out that 2 or more is in position, and willing to PE the entire 35%, then.. and only then, will the remaining parties agree on what %ages to PE.. ussually proportionate to their existing stakes.
Having said all that, I am not at all certain whether the 2002 AIPN model JOA is applicable. It would appear that the parties are bound by the format JOA which was in existence between Petrosen and Hunt Oil ( I'm of view that this JOA was assigned and assumed at time the new JV partners stepped in). Will try and find it and copy in.
Couldn't find an english translation so it's not possible to say with certainty that the Petrosen/Hunt Oil JOA is couched within, and on similar terms as the 2002 AIPN Model JOA... So, in conclusion, we don't know what provisions are regulating the JV rights and PE rights.
(20min delay)