"Operating with less than 40% is very bad... [Galp] offered the operation, and no one operates with less than 40%," Anjos told journalists on the sidelines of an oil and gas conference in Rio de Janeiro, adding that there had been “no progress” on a potential deal."
Why? Read Pottermores post. The point is that the % of each partner is not that relevant. What is relevant is what is in the operating agreement between the parties and the % ownership or interest in the JV is not relevant to that. I hope that's simple enough.
Peter was an exceptionally nice person and good operator. I was fortunate to know him personally and work with him.
"CE was not a happy chap when Shelly Robinson (NWE CEO at the time) marched into his office and informed him that he had to seek her permission to undertake whatever works were to go forward. Ellison had 3 lawyers present and Robinson had one .... Robinson won !!!" Yep - as I was saying the % of the JV etc is not as relevant as what is in the JV agreement.
NWE had 20% & 22% or the tenements, Min Res had the rest from memory. Min Res Still needed NWE's agreement before they could do anything. So having 80% wasn't enough because of the operating agreements for the tenements. Again, why is having less than 40% bad?
I'm just using NWE as an easy example.
PCL Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
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