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WPL indemnity and Govt position, page-21

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09/11/16

01:24

Post #: 20466749
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Originally posted by ShareBeers ↑

Interesting timeline

20/10/16 - WPL Quarterly

On 14 July 2016, Woodside announced it had entered into a binding Purchase and Sale Agreement (PSA) with ConocoPhillips to acquire all of ConocoPhillips’ interests in Senegal.

The acquisition includes a 35% working interest in a Production Sharing Contract with the Government of Senegal covering three offshore exploration blocks and includes the option for Woodside to operate the future development of any resource.

31/10/16 - WPL Announcement

Further to Woodside’s ASX announcement dated 14 July 2016, Woodside is pleased to announce
completion of the transaction to acquire 100% of the shares in ConocoPhillips Senegal B.V.

31/10/16 - FAR responds to WPL Announcement

FAR Ltd (ASX: FAR) notes public announcements made by ConocoPhillips (COP) and Woodside Petroleum Limited (WPL) in relation to the proposed sale of COP’s Senegal assets.

01/11/16 - COP SEC

On October 28, 2016, we sold our 35 percent interest in three exploration blocks offshore Senegal for approximately $440 million, including net customary adjustments of approximately $90 million. In addition, we provided an indemnification to the buyer for certain potential losses related to the disposition
-------------------------------------------------------------------------------------------------------------
My comments

Is it odd that COP appears to be talking about selling its assets and WPL is talking about buying shares in COP?

I mean surely COP knows what it is selling whether it be COP's shares or COP's assets and surely WPL knows if it is buying COP's shares or COP's assets.

I mean surely the legal documents are different and surely the lawyers will know the difference between Share Transfer and Asset Transfer...

Regardless whether COP believe that FAR has PE rights or not I find it fascinating the announcements appear different.

Give you an example, Company XYZ owns Pizza Shop.

I'm a buyer and I will know whether I want to buy Company XYZ or I want to buy the Pizza Shop. I would definitely know to buy shares in Company XYZ would be some form of ASIC Form and if it was the Pizza Shop some form of Sale of Business Contract with a few licences and transfer of lease etc.

My point is I find it amazing COP and WPL's announcement appear not to be consistent, especially when I have no doubt they would be hiring top tier lawyers. Just strange that one (COP) is talking about selling assets and the other (WPL) is talking about buying shares

Expand

Are each attempting to advance/protect their respective standpoints on this issue.
Me thinks that apart from anything else COP, (who wants out), is worried about all this "blowing up in it's face", note:

COP
" In addition, we provided an indemnification to the buyer for certain potential losses related to the disposition".

Outstanding find Kfann.

FAR Price at posting: 7.1¢ Sentiment: None Disclosure: Held
6 Upvote

0 Great analysis

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WPL indemnity and Govt position, page-21

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WPL indemnity and Govt position, page-21

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