PE/project conundrum...up to Banks and the Govt., page-6

Thanks Kfann.

When FAR filed, I talked to a mate who has had long experience with arbitration - he reads this forum - and who warned me the time frame would be more likely years and the cost more likely millions. And so it seems.

Judging by the comments over the past few months, many or most of us 'oldies' here have adjusted their valuations to discount or eliminate PE. Just the other day I opined that FAR would come into play once Samo was confirmed (!) because PE would be inconsequential to Big Oil. As I said, if Samo is as big as we hope, then FAR will likely be valued at well in excess of a billion and PE will be a pimple on a pumpkin.

Your analysis is great - one little globe hardly did it justice. When asked two AGMs ago about unscrambling the PE egg, our Chairman simply rolled his eyes and looked out the window. Your post illustrates just how fraught it would be. For this reason, I believe FAR seeks declatory relief as a bargaining chip to extract some level of compensation from COP (WPL). I seriously doubt we expect to win back the 35 per cent ... and that opinion comes from a bloke who has been wrong many, many times. LOL.

By the way, I understand the rotary lie detector will have the final say, but it is almost inconceivable Samo will be a duster. When talking to Cath before the AGM, I mentioned that FAR was unlikely to be building hospital wings in The Gambia if it thought there was much doubt about Samo. She smiled knowingly and said her main trouble had been hosing down her geos who believed Samo is simply an extension of the mighty SNE field. Those would be the same geos who have sited 11 from 11 successful drills and whose knowledge of the basin's geography would be the best in the World.

Roll on spud.

OOO