You are right.. sort of. I am still trying to get my head around the wording and what it actually means.
from above.
"15% interest in the Block 07/03 Production Sharing Contract, offshore, Vietnam, subject to waiver of pre-emption rights by PetroVietnam and approval by the Vietnamese Government.
PPP has now been advised that PetroVietnam Exploration Production Corporation Ltd (PVEP), intends to exercise the pre-emptive right on behalf of PetroVietnam, and is considering the acquisition of part of the Participating Interest from the assigning Contractor Party, Premier. A further update will be provided when the details of the PVEP position are confirmed."
Does that mean their 15% is diluted or taken away entirely based on PVEP exercising their preemptive rights? Im unsure and would be good to get some clarification from PPP as to what this means.
Also, there has been no mention of approval form the Vietnam Government. Anyone else decipher it.
In short the 3 options are;
1/ PPP have lost their 15% farm in agreement
2/ PPP holding is diluted (still seeking approval from Vietnam)
3/ PPP still have 15% share subject to approval from the Veitnam government.
Its either 1 or 2 for me. Number 3 looks impossible as it was subject to a waiver...