Woody stymied, page-43

Charlie

I think WPL has tried to price FAR out of the Senegal asset. I seem to remember PC saying that if you can't finance your percentage at FID then the JOA has a provision for the Operator to sell down a participant's proportion to finance a shortfall.

FAR it seems to have been able to raise finance, but as you say, at a significant dilution to the retail shareholder.

The way WPL is acting it does appear that they fear FAR's chances at PE. But with the large amount of FAR shares now on issue, any benefit which may be coming FAR's way from PE appears to be subject to a significant dilution IMO.

I don't believe FAR had many options left at this stage of proceedings, but it is rather disappointing how things have played out.

DYOR