Tensions bubble up at Woodside's Senegal oil project, page-301

Article 29 - thanks SilentPartner

14.1.1 Any transfer or transfer of a participation in the Contract can not be made that in accordance with the terms and conditions of Article 29 of the Agreement

ARTICLE 29

ASSIGNMENT RIGHTS AND CONTRACTOR'S CONTROL

29.1. In accordance with the provisions of the Petroleum Code, the rights and obligations arising this Agreement may not be assigned, in part or in whole, by any person which of the entities constituting the Contractor without the approval of the Minister. The assignment must cover all rights and obligations relating to this Agreement.

If within sixty (60) days of the notification to the Minister of the proposed transfer accompanied by the deed of assignment, he did not give notice of his reasoned opposition, will be deemed to have been approved by the Minister at the end of the said period.

From the date of approval, the assignee (s) will acquire the status of Contractor and will have to fulfill the obligations imposed on the Contractor by the Code And by this Contract to which they have acceded prior to the assignment.

In the event of assignment to an Affiliated Company, the Minister will authorize such assignment and may request, if appropriate, that the parent company submit to the approval of the Minister a guarantee of good performance of the obligations arising from this Contract.

29.2. The Contractor shall also submit to the prior approval of the Minister:

a) Any change of person or any project that could lead to particular by means of a redistribution of social security modification of the control of the Contractor or an entity constituting the Contractor. Will be considered as control elements of the Contractor or of an entity constituting the Contractor the distribution of the share capital, the nationality of the majority shareholders, as well as the statutory provisions relating to the registered office and the rights and obligations attached to the corporate shares. However, transfers of corporate securities to Affiliated Companies will be free. As for the sale of corporate securities to third parties, they will not be subject to the approval of the Minister that if they have the effect of putting in the hands of these more than twenty-five percent (25%) of the company's capital.

(b) Any proposal for the constitution of security interests in goods and installations assigned to Oil Operations.

Projects referred to in this Article 29.2 shall be notified to the Minister. If within a sixty (60) days after the notification, the Minister has not notified the Contracting his opposition motivated audits projects, they are deemed approved ..

Regards

SP