It's coming..., page-61

KKW

The Senegalese Government requested COP to settle their pre-empt difficulties with FAR amicably. COP failed to settle amicably with FAR and sold to WPL.

The Senegalese Government gave WPL the right to participate in SNE.

Will the Senegalese Government recognise declaratory relief that FAR obtains from the ICC, or will they proceed to grant WPL full rights to RSSD. WPL is proceeding full steam ahead with design in the hope that the Senegalese Government will.

On the basis of $US4 pB more than $US700M is due to FAR (On the basis of $US10 pB @ FID even more is due to FAR) rests on whether the Senegalese Government wishes to follow the law or proceed with the development without delay.

With the current state of the design the only way that the project can remain on schedule is if WPL remains in the project.

I believe WPL, the Senegalese Government and FAR (in order to keep the Government on side) would be looking towards a negotiated settlement prior to the ICC determination.

How much will WPL be willing to pay, and how little will FAR be willing to accept is the question.I dont believe OOO's proffered $US200M will be enough.

Alternatively a successful takeover tilt at FAR by WPL could snare FAR's 15% of RSSD, plus their 40% of Gambia, plus Guinea Bissau, plus Kenya, plus shutdown the ICC. IMO a TO looks pretty appealing to WPL, but not to FAR's shareholders.

IMO and DYOR.