Tensions bubble up at Woodside's Senegal oil project, page-236

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szaba_the_hut

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06/07/19

11:47

Post #: 39402852
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Originally posted by Davy Boy: ↑

The 1995 AIPN states clearly that a share sale is grounds for pe and almost any other transaction type so I have no idea how they came to the conclusion PE rights don't exist when selling a company??
So
a. Either WPL's legal department should be sacked or
b. Its not the 1995 AIPN model.
WPL said they were buying the company....you can't pe a company ergo PE rights don't exist....this has been WPL's stance from day 1.

COP were on a different page sold their 35% interest and issued a PE notice, which clearly, WPL did not agree with.....chose a different path.
There could be any number of reasons FAR could have lodged a dispute, the most obvious is COP did not value the 35% because WPL believed buying the company would circumvent PE rights and any attempt at placing a value on the asset would make pe rights live.
IMO if COP did this then they are screwed IMO as that would be a deliberate way of stopping anyone from PE. How can you pe the asset if you don't know what the value is......did COP BV have liabilities were they deducted so FAR could PE?
We shall find out soon IMO.

18-MODEL FORM INTERNATIONAL OPERATING AGREEMENT - 1995 (G) Any transfer of all or a portion of a Party's Participating Interest whether directly or indirectly by assignment, merger, consolidation, sale of stock, or other conveyance,

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WPL are on record.

FAR Dispute notice was surprising to WPL because they did not take up PE option on the JV asset .

WPL think that FAR's dispute notice is not applicable, PE rights to companiies do not exist under the JOA according to their legal advice.

We shall soon see who is right.

Originally posted by Davy Boy: ↑

The 1995 AIPN states clearly that a share sale is grounds for pe and almost any other transaction type so I have no idea how they came to the conclusion PE rights don't exist when selling a company??
So
a. Either WPL's legal department should be sacked or
b. Its not the 1995 AIPN model.
WPL said they were buying the company....you can't pe a company ergo PE rights don't exist....this has been WPL's stance from day 1.

COP were on a different page sold their 35% interest and issued a PE notice, which clearly, WPL did not agree with.....chose a different path.
There could be any number of reasons FAR could have lodged a dispute, the most obvious is COP did not value the 35% because WPL believed buying the company would circumvent PE rights and any attempt at placing a value on the asset would make pe rights live.
IMO if COP did this then they are screwed IMO as that would be a deliberate way of stopping anyone from PE. How can you pe the asset if you don't know what the value is......did COP BV have liabilities were they deducted so FAR could PE?
We shall find out soon IMO.

18-MODEL FORM INTERNATIONAL OPERATING AGREEMENT - 1995 (G) Any transfer of all or a portion of a Party's Participating Interest whether directly or indirectly by assignment, merger, consolidation, sale of stock, or other conveyance,

Expand

Last edited by szaba_the_hut: 06/07/19

FAR Price at posting: 7.1¢ Sentiment: Hold Disclosure: Held
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Tensions bubble up at Woodside's Senegal oil project, page-236

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Tensions bubble up at Woodside's Senegal oil project, page-236

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