Good bye Woodside..., page-70

This from the WPL 4E report. "The acquisition of the interests in the Scarborough assets and Senegal interests have been accounted for as asset acquisitions. The interests acquired have been classified as Joint Operations." Further "The consolidated preliminary financial statements include the results of the Joint Operations for periods from the acquisition dates of Senegal (28 October 2016) and Scarborough (14 November 2016).". So the Senegal is referring to SNE & FAN.

Hmm: They have assessed the SNE/FAN transaction as an asset acquisition and this would be in accordance with relevant accounting standards. If there was an indemnity option or any material uncertainty regarding the transaction then it most likely could not be classified as an asset acquisition under accounting standards bearing in mind that the terminology for asset recognition is "probable that future economic benefits associated with the item will flow to the entity"

This is not an IMO of the PE status.

Tip: In the top right corner of the PDF screen is a ... button. Click on this and select find. Type in Senegal and use the <> next to the find box to toggle the document.

IMO DYOR Etc