123enen,
It can be a bit confusing, but originally, AZA owned the whole prospect. They initially sold a partial interest to BPT, they both explored, then AZA sold some more, until they reached a 50:50 interest.
AZA's management actually did very well, because BPT kept on handing over money for a bigger stake. That meant AZA needed less debt and less dilutory share issues than it otherwise would have to get the project going. [AZA has around 400m shares on issue.]
So, BPT has essentially paid for most of the project development, for 50% of the equity.
Now, the 50:50 JV has sold 20% (or 10% each). So, BPT paid for most of the development and now a third company wants to pay $123m for a share of the action.
Sweet!
AZA
anzon australia limited
