June Quarterly, page-19

Some doubt on the PE timeline and cost was recently raised by certain posters including one who said they were well versed in litigation.  The following from the quarterly puts paid to that and, contrary to what some posters have said,  it also states that the PE process wont impact the activities of the Senegal JV.

Shortly before the end of the quarter FAR applied to the International Chamber of Commerce in Paris to commence arbitration proceedings to resolve the current Joint Operating Agreement dispute regarding FAR’s right to pre-empt the sale of ConocoPhillips’ interest in the Rufisque, Sangomar and Sangomar Deep Joint Venture offshore Senegal to Woodside Energy Ltd. At the time of writing no further update on the arbitration is available.

However FAR notes that the arbitration procedure will occur in parallel with the normal activities of the Senegal Joint Venture and is not expected to cause any delays or interruption to any of this work.

The arbitration process and cost structure is very clearly defined and is binding on the participants. It is expected to take less than a year to complete with the cost to FAR expected to be about USD1 million.