Epaka,
IMO the obligations should/could only relate to the exploration and development activities which probably require agreement of some kind by the JV. However, I would think that each would have an unfettered right when it comes to disposal/sale of their share.
As to how agreement would be reached in the case of the former, I'm not sure but I can't imagine that there isn't a set of rules about how that is to be agreed, for eg. like a simple majority decision.
ANZ
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