What is the probability that the oilfield will be purchased

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Reference no: EM131066733

ExxonMobil has recently signed a sale and purchase agreement (SPA) with XTRA Pty Ltd. to acquire 100 percent interest in TANVA Oilfield in Production License offshore Western Australia for $20 million. At the moment, oil from the field is produced from horizontal wells and processed through a fixed central production facility platform with 50,000 barrels per day capacity. Oil is then transported by pipeline to the floating storage offloading (FSO) facility and loaded to shuttle tankers for North Asian customers. It is crunch time over the next few days as SapuraKencana rallies its investors for the green light on the purchase. Assume that the voting power is only limited to a few trusted and institutional shareholders. The decision requires a simple majority of the seven decision-making shareholders. If each is believed to have a 0.35 probability of voting yes on the purchase, what is the probability that the oilfield will be purchased by Exxon?

What is the probability to have the majority (4 or 5 or 6 or 7 votes "Yes") if each participant votes "Yes" with the probability 0.35?

Reference no: EM131066733

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