CTP 6.90% 5.4¢ central petroleum limited

hi folks,further to the GSG and PXA debate, JH followed his...

  1. 5,048 Posts.
    hi folks,

    further to the GSG and PXA debate, JH followed his first email up with a second and it shows that the GSG and PXA in principle agreement and any subsequent finalisation would have been an infringement of the terms of the CTP/PXA JV agreement. JH also can't guarantee that there wasn't a second stage process (IF there ever was a sneaky one) which CTP are/were not aware of that would have been an infringment of the terms of the JV.

    i hope JH doesn't mind me sharing it but here it is and it helps us better understand the jv terms that QGC/BG have accepted and it puts a very big ? mark over the GSG Term Sheet, PXA and Martin Place Securities.

    "I can not prove this one way or the other but I can say that under the
    terms of the JV agreement, it is impossible for a party to farmin to the
    CBM rights alone. PXA could only farm down a percentage of the whole of
    its interests in each permit to a party and then only under certain
    circumstances. I do not see that QGC would have allowed such an
    agreement to remain in force even if it was (technically not allowable)
    in place. So, I really don't know if there was a two stage process here
    relating to CBM rights."

    cheers
 
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