34232,
I think you totally misunderstood the content of my post.
I have no issue with whatever might be contained in the WPL/COP deal..
I have no issue with pre-emptive rights, timelines etc etc. On this, in any event, I'm very sure that the original JOA between COP,CNE and FAR would have clearly stipulated what the term of pre-emptive rights are and at what stage the clock starts ticking. Usually it's either 30, 60, 0r 90 days. As said this will be in the JOA so I'm not sure why mr media man could not have even revealed that... BUT also acknowledging that if the terms of the JOA is not in public domain (which I think is the case) then, obviously the term of the pre-emptive rights will also not be considered to be in public domain and can thus not be revealed by me media man. No big deal. But any suggestion that FAR is not aware of the term of the pre-emptive rights would be simply wrong because that is not the case...any event, all irrelevant to me.
Point I'm making is that, if the SNE discovery and the FANs and everything that goes with it (leases etc) is such a massive finding and if WPL is now about to get the bargain of the century, then surely, as Aussiepunter said, it should be a no brainer for FAR to get money at all cost and exercise their rights... even if it means they then on-sell a portion further down the track after RISC update and DOC etc. That's why I say, FAR's actions will be "telling" , especially if this discovery is so massive as had been touted by management to date.
I'm not suggesting that they must, necessarily, do something. They may well do absolute nothing or they may do nothing to oppose the WPL deal in exchange for commercial incentive (which support in exchange for something does in fact constitute action).
Emphasis is on the real action taken by FAR under these very specific circumstances, where, if true to their word about the massive " discovery, they now have massive opportunity to create shareholder value ( in whatever shape or form) especially in light of the low WPL offer. Whatever FAR's action/inaction might be, I say the ultimate actions of FAR will be "telling" in light of circumstances. Then I say further, if the discovery is as massive as they touted and do absolutely nothing under current circumstance (in otherwords no commercial sidedeal of whatever nature with WPL) then inferences must be drawn either with respect to management's veracity concerning the discovery and future potential, alternatively, the ability of management to deal with matters of this nature. .... let's wait and see.
They are sitting with the goldest of opportunities that one can think of (again.. only if the discovery is as good as the say). The contrary to this would have to be the argument that WPL would not get into this if it was not great... (but HOW GREAT and BIG.. something FAR would know )
Finally, anyone who is lead to believe/persuaded by WPL's comment/announcement about likelihood of expediting development, and that such comments/claims is more than sufficient "welcome" WPL on board, even at such supposedly ridiculous low price, must have rocks in their head. Would WPL have said anything different... and do you think they will abide by such comments, particularly in the face of adverse circumstances that might not suit them (WPL) as a company at any given time... think again.. they'll shelf/warehouse just as they've done in the past (which is understandable).
Good luck.
Finally,
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