A PSC and exploration licence are two different things....

A PSC and exploration licence are two different things. Production sharing contract. An exploration production sharing contract doesn't make sense.

Here is the link for the PSC between Petrosen and Hunt Oil published as part of the transparency policies in October 2016. http://itie.sn/hydrocarbure/contrats-petroliers/

Its a PDF in French and I was unable to translate it, but if someone on here can get their Google translate to work I think you will find it covers the timelines and among other things the split up of profit oil and how profit oil is calculated. Yes a development / exploitation plan has to be presented but this is all part of the PSC.

Part of all this new oil and gas policy by Senegal is to get up to speed with international protocols. What will the business community think if Senegal start taking exploitation rights away from explorers when the exploitation rights are already in writing and all clauses etc have been complied with.

All IMO etc.