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Tony999

6,100 Posts.

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01/11/16

08:03

Post #: 20270705
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Originally posted by Mike R ↑

Fact - Senegal have told FAR to keep the PE dispute low key and to expedite settlement ASAP, that is exactly what FAR are doing. FAR cannot announce on a public forum that the deal is approved or not approved, that would betray the code of confidence, hence the response "we are not aware of any approval"

It is plauseable that early on COP got provisional approval from Senengal for WPL being a JV partner and operator and also for the asset being sold as part of the sale of COP Senegal.
But approval in principle is no guarantee of final approval.

It is also plauseable COP were given or of the opinion that FAR did not meet the criteria to PE 35% based on the lack of financial and technical credibility. On that basis COP preferred to throw obsticals in FAR's way to suppress any PE aspirations, after all they had a much more superior offer on the table from WPL.
COP then advised WPL not to be concerned about PE or government approval, saying leave that to us, we will deliver the asset to you.

FAR then blindsided everyone including the Senegal government by insisting they wanted to consider PE and that tells me they have a Senegal approved, financial and technical sugar daddy lined up.
Possibly a company fully familiar with how business is done in Senegal and who is prepared to look after FAR if the PE door is opened a little.
Senegal, Cairn and Pertosen will all know what FAR have lined up if they are given the right to PE, and on that basis are allowing time to let all this play out.

Even COP / FAR will know FAR are holding a good hand so FAR keeping their hand close to the chest is TOTALY understandable, all will be revealed in the fullness of time and at the appropriate juncture.

This is all in my opinion playing guessing games just like most on hotcopper, please do your own research what would I know anyway !

Expand

What are they waiting for is the question?
If they have a sugar daddy why not say they have a sugar daddy and they are going to PE.
They either do or they don't.
If they do then what are they waiting for?
What is the point of this charade?
WPL are quite happy to bully FAR but would they be able to bully someone like Total?
If its going to be a bare knuckled brawl, then bring the effing thing on.

What the hell do we have to lose?
This idea we have to play nice while everyone kicks the shite out of us is madness.

FAR Price at posting: 7.3¢ Sentiment: Buy Disclosure: Held
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