Oromin Explorations Ltd OLEPF

Anyone here think Senegal will...

[tony1969]

excercise their right on the 25% buy in of the project?  I believe that this would have to be decided before any kind of deal gets done.  I personally do not think they will. They want to collect royalties and taxes.  I do not think they want to spend millions now. Comments?

[dmuy]

If TGZ acquires OLE, I think the following means they can buy out that option. I'm thining that the govt would still be carried at 10% though which is TGZ's current rate.   Senegal has agreed to support Teranga in its plan for further development, notably: To a price and formula to allow for the acquisition of the republic's additional participation option on deposits not on the

[hoosier1]

I dont believe that the Senegal Govt has a right to buy-in for an additional 25%... It's that OJVG must allow the people of Senegal the right to buy in to 25% the company... so that at least 25% the newly formed Senegal company can be held by nationals and not be a completely foreign owned company... "Under the terms of the Mining Convention, OJVG is obliged to offer to Séné

[tony1969]

I think you are right Hoosier. The govt will have a10% interest but the 25% buy in offer appears to be for "Senegalese nationals" as you quoted.  Thanks for the clarification. I still say no one in Senegal bites.