That maybe be so however it's what is in the JV agreement that rules and unfortunately we don't know that vital bit of info!!!
However having said that I don't believe management will be willing to sell down their share unless of course they have put out feelers for finance and are not getting a very good response, if the response has been positive then they will IMO management will resist selling down.
As I stated in my previous post I do believe that CNE could be willing to sell down 5% as a part of the deal when COP takes over as operator leaving COP at 40% and CNE at 35% prior to Petrosen taking up their 18% as agreed !!!
HKP
Conoco's African Portfolio, page-9
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