Hi Mr H I agree the intention was to pre-empt the % - and...

Hi Mr H

I agree the intention was to pre-empt the % - and probably to on sell. Over the passage of time though I think the goal posts have shifted. The one year arbitration time frame is now out to three years, the agreement with CNOOC (which many believed were the company sitting and waiting) has lapsed, WPL is entrenched, and we sit on the cusp of FID and needing finance. The market, imo, is reacting to FAR for the uncertainty (not so much in selling, but rather no buyers for the few shares that are being sold) - and whether we like it or not FAR is not in a position to take on a full 50% of the project itself..

SNE remains an awesome asset and I suspect WPL may have played its hand quite well in extending the whole arbitration out so long....whilst not eliminating FAR's potential to claim and take on or on-sell the 35% (should FAR win arbitration), the extended timeframe has on all fronts made it more difficult. I suspect Senegal Gov't wants to move forward (without further delay), other JV partners want to move forward, financing options want some surety to move forward, shareholders are tired and want to move forward...and FAR itself NEEDS to move forward.

I wake every morning with the hope that FAR announces a positive outcome to arbitration - but at this point in the cycle, on any such announcement, an appropriate agreement/compensation with WPL (or COP) would be awesome (imo).

dodds