PGS position

my understanding is that the principle behind having a J/V with multiple parties is:
- spreads the financial risk
- spreads the geographical risk
- spreads the financial burden
- introduces greater technical expertise
- introduces customers/contacts etc.

But at some point too many J/V participants can be a problem.
I think that each J/V is different, but my understanding is that the Operator calls the shots, and as I have seen in another coy, often the J/V partner gets bugger-all info, and virtually no say.

But a J/V partner does have rights, and obligations, and as such can be a real nuisance and sometimes an impediment.
Point is, sometimes I would have thought that a J/V would be better off with a simpler structure and simpler operation.

So I am looking at this new Origin deal, contemplating the beginning of the C/B consolidation happening, and thinking that the PGS holdings in PEL514 simply don't make that much sense.
It might make plenty of sense to PGS - but I bet it doesn't for the BIG BOYS of SXY and ORG?

We now have a 10% J/V interest in the "Deeps", and a 20% interest in the oil exploration areas.
We are free-carried for the near future oil exploration, and not sure re "Deeps".

Whilst it is advantage for PGS to be free-carried, what is the advantage for SXY and ORG.
What does PGS now contribute to the J/V?

A 10% interest in a potentially expensive "deep" exploration play, is nuisance value, and a 20% interest in a potentially lucrative cash flow oil play must cause ORG and SXY to ask "whats the point in having PGS as a J/V partner?" --- there must be a tipping point?

If someone (ie SXY or ORG) were to "consolidate" PGS, they would simplify the J/V, they are going to have to pay the PGS Free-carry anyway, they get better access to any future cash flow, and they simplify the ownership structure, they could cease all the admin costs etc of PGS etc etc. They do away with any possibility of J/V wrangling, because SXY and ORG can raise capital, but PGS will have problems further out.

So I am thinking that PGS is looking like a sitting duck the further PEL514 is explored.

cheers