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clock Created with Sketch. 02/09/16
10:32
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Originally posted by phillip321
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Morning. My guess is that it's a few things. First up, they're hoping to co-opt the Senegalese to force FAR to a deal ie sing a bit of Kumbaya, and settle for a tiny percentage (5% maybe?) in exchange for sucking it up and waiving its rights. In that respect I think they're being arrogant and shortsighted. Secondly, they want to drag it out to drive the share price price down and force FAR back to the table for a deal (we all know how easy it is to play games and for a pretty nominal amount they'll be able to get some cronies to do some selling on a nudge and a wink - "we'll square you up on the next mandate". We all hate uncertainty. A month more of no news and people will be screaming and emailing/phoning to whinge and vent etc. Thirdly, they know that it's hard to keep lots of plates in the air at once. So if they assume that FAR has some backers they hope that if they drag things out those backers will go cold, get spooked by declining spot prices/find other things to do with their money, generally get the sh*ts etc, And fourthly there's the cultural stuff. They've got nowhere to go. They can't say "oops, maybe we were wrong and we were just trying it on". So if they do nothing they can stick their head in the sand at the same time also frustrate the current processes re budget and drilling programming with the additional bad blood and tension etc. Ultimately it's the standard playbook. Your opponent wants something and it's of value to them so you don't do anything likely to help them achieve that. It's the behaviour of maggots. But this is big oil not Mother Theresa that we're dealing with (by the way - here's something personal - I've been kissed and blessed by Mother Theresa in the flesh - regrettably I don't remember it. And it didn't make me a better person). Fifthly, they and WPL are close and are partners on other projects. So there's the mutual backscratching. They have no other commercial relationships with FAR who can deliver them zero of value. There are a few others but that's the gist of it.
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good comment - the laywers are in and this is no quick turn around people somehow think it will be - months of uncertainty here - not really impressed to be honest. Ann made to say we are focussed on project and project proceeding as expected - but hey sp NOT proceeding as expected to many a holders frustration and hence the eternal babble including mie on HC
(20min delay)