FAR is not an Oiler but A Litigation Funder!, page-117

If I recall accurately what was said at the Sydney session: "in the lead up to COP's sale process we had a view on the value of the oil in the ground. If COP got a price substantially above that - great - we would not PE but expect to see our share price re-rate. If the price COP was offered was substantially below our view of the oil in the ground value we would look to PE. If the

price COP was offered was about our value then we would have to think very hard about what we were going to do. When USD2.2 per barrel was announced we were keen to PE as it was below our estimate of the oil's value in the ground. We asked COP for the same information as Woodside so we could understand exactly what we were getting for USD2.2 per barrel. We never received anything other that a 1 page term sheet....."​

The above was the start of the long process which is has ended in Paris with the arbitrators.

If anyone else who was at Syd preso and has a better recollection than me of this part of presentation let me know. At the time is sounded to me like eminently sensible scenario planning.

Regards,

BSP
NFA, IMO, DYOR etc.

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