Trading Halt, page-33

Exerts from WPL announcement below;

“We look forward to working with the Government of Senegal and joint venture participants Cairn Energy, FAR Limited, and Petrosen, the Senegal National Oil Company, to progress the commercial development of SNE and any future discoveries. “Woodside will bring to the joint venture expertise in deep water drilling, development and operation of subsea infrastructure and floating production storage and offloading vessels,” he said. Completion of the PSA is subject to satisfaction of customary conditions, including Government of Senegal approval and pre-emption and is targeting close by year-end 2016.
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Two things stand out here. The first is the ASX should have been aware that another ASX company was involved with this announcement and thus failed in their duty to place that ASX company in to a trading halt at the same time WPL was placed into a halt. The ASX cannot assume that that FAR is aware of a WPL announcement.

The second is that WPL state that there is pre-emption rights so CNE and FAR can still save the day if I am reading this right, so those selling at the open could have jumped the gun, much to the joy of the shorter who just made a killing.