Morgan Stanley Note Overnight, page-16

I would suggest the majors are waiting on the completion of the PE dispute - this needs to be played out prior to any offers being made - of course this would not apply to WPL (IMO / DYOR).

This obviously makes good business sense. The only problem with waiting (and this is playing out as we speak) the resource continues to grow and therefore as does the purchase price, but they are between a rock & a hard place with the PE dispute looming overhead.

On the other hand - if you really think about it, this puts FAR is a ripper position? We are spending a minimal amount to get the dispute resolved with no real downside? We lose, we still sitting on our original percentage (although the SP will take a hit) - if we win, well, then massive upside.

While all this occurs, we continue to drill - ultimately increasing the size of the resource & therefore (in theory) the worth of the Co.

Pretty simple really...

Cheers