psonice - PCI do not hold an 'exploitaion contract' they hold an 'exploration contract' and at the end of this contract they have to rescind at least 30% of their current acreage and then declare prospects which they will commercialise [or rescind altogether] in order for the exploitation contract to be granted, which will be classed as a new contract giving Sonotrach 51%...
Hope this helps...
Bronco.."
I believe you may be wrong there, they got the contract under the 2005 law didnt they?
In which case there were two choices.... an exploitation contract or an exploration and exploitation contract. I dont believe there were any new exploration only contracts. see below:
no advice intended,
RoL
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"3.3.2. The contractual framework
The legal analysis of Act 05-07 of April 28, 2005 pertaining to hydrocarbons will be the topic of a detailed examination in the next chapter, but important elements from a contractual standpoint can be listed here.
The new law implements a single type of contract for exploration and exploitation or exploitation alone."
"1.3.2. Exploration and/or exploitation contract
The investor wishing to engage in an activity connected with the exploration and exploitation of hydrocarbons must first enter into an exploration and exploitation contract with ALNAFT, or into an exploitation contract when a deposit that has already been discovered is involved."
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