Hi Mr Moshe,
Whilst absolutely only using my intuition and my own view , I would say the following.
However I will state again, it is my view only and things are still not clear, I am hoping that I am putting the puzzle together slowly..
GWDC is a subsidiary of the mother ship , the state owned conglomerate “CNPC ” “ Chinese National Petroleum Company “ it is a sub division, a drilling division , they have numerous entity’s under the CNPC umbrella who can drill ( Great Wall, Daqing, Bohai, etc). They also have Petro China who are more of an overseas operating entity for CNPC . Petro China do the international stuff for CNPC..
The commercial JV /partner agreement and how that is made up, we would enter I THINK will be with the mother ship ( Petro China / CNPC ) who will utilise Great Wall to drill the wells supplying all tangibles and services....
It’s quite a complex structure...
I am still not clear on many things here, however IMO I believe it will be Petro China who will be our actual partner....using GWDC to drill and provide turnkey rig services ..
I also note, we only plan to release a LOI for a JV by end of this month according to the Preso ,with all formalities signed by December..
I still am trying to understand that, as seems a little unusual ..
