World oil news 2016.07.27, page-11

OOO.
That's basically it in a nutshell.
Cairns managing directors statement if taken at face value would imply they are happy with 40% of this US$5b project.
So that means if FAR want to pre-empt they would need to raise more than their market CAP to achieve this.
Not only that if the impossible was ever achieved and FAR went to 50% then by the agreements in place FAR would be operator.
FAR have no clue what it means to be operator.

That dubious scenario would leave FAR with massive costs and massive debt with no means to service any of it and why the lenders would never lend a penny anyway.

End case is that the status quo remains except WPL replace COP.
I don't see that as a negative in fact its very positive.
The only negative is the valuation of BOO in the ground and if the deal goes through might put a dampener on the SP especially if POO stays under US$50 a barrel for an extended period of time.

Oil is on the nose its as simple as that.