COP announced its intentions to sell all deep water assets in November 2015 in worldwide news release. I refuse to believe FAR were unaware or "blindsided" by the concept of FAN and SNE being deep water up for sale. Did they confer with COP?
http://www.offshore-mag.com/article...ps-to-exit-deepwater-exploration-by-2017.html
I would suggest that FAR waited for the sale to occur and were surprised only by the price. Then the race began to find a finance partner to try to help shareholders improve their value - and finance takes time with oil in a funk.
By having a dispute over unspecified terms it buys FAR at least 90 more days to hope for oil price recovery and find a partner to do some financial deal to further their own interest. If it doesn't work out no biggie, they still have 15%. If it pays off they will likely get extra %. No lose situation for FAR. If they need more time they can always force it to arbitration.
I predict that by 2nd week of November we might know something regarding time lines and mediation outcome. If it goes to arbitration then it could be a very long wait and uncertain outcome. I don't think COP, WPL, FAR or Senegal really want that.
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