Think you may have your wires crossed, IMO.
Yes exploration permits are by decree, generally for 4 years and are invalidated by exploitation permits again issued by decree over same area.
But what the JV have is a Production Sharing Contract (PSC) which contain all the who gets what and how things are calculated during the exploitation phase.
https://eiti.org/ru/implementing_country/37
http://www.iclg.co.uk/practice-area...d-gas-regulation-2016/senegal#chaptercontent3
IMO DYOR Etc
Think you may have your wires crossed, IMO. Yes exploration...
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