what happens here now. This is obviously a key milestone and I think the level of risk is significantly reduced with the awarding of this decree. I can't see the final condition being unmet as it is obvious that Lukoil is the Government's preferred principal partner. Why would they sign the EEAA and not approve the equity transfer. The other aspect that may cause the market to be cautious is Lukoil's intention to limit large capital deals until they have built there reserves sufficiently to mitigate the effects of any prospective restrictions placed on them in the markets. In reality though, they won't be pulling out of this deal for that reason the money is a small amount for them and is already in the plan. In my view there is no way they will renege on such deals due to the reputational damage such a move would imply. It looks like this deal is going to complete now which I think is great news for BLVN as it will sure up the balance sheet and fund important value adding work in the coming months.
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