Hi Gregke,Yes it is probably not exactly what we wanted to hear...

Hi Gregke,
Yes it is probably not exactly what we wanted to hear in some ways.
However....let me see if I can explain what I understand.

Essentially PPP has a farmin agreement to get a 15% share of Block 07/03 which essentially came from Global Energy, GSPC and Bharat PetroResources all agreeing to divest 5% each from their original 25% share each and giving 5%+5%+5% = 15% to PPP.
But there was also a provision that PetroVietnam (the Vietnam Government's oil exploration company) could, if it wanted to, exercise a pre-emptive right to gain an interest in Block 07/03. In other words it can back into the Block by right.

I think it is entitled to get a 15% share of the block.

Now the question will be where that 15% (or whatever the amount is) will come from.
Will all the partners (including PPP) have to give up a small portion of each of their share or will PPP, as the last farmin partner be expected to give up the most of its intended 15%.

In most of these cases all the existing partners usually give a small proportion od the share to make up the required amount