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News: FAR FAR Says Debt Financing Not Proceeding As Expected, page-180

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Davy Boy

17,330 Posts.

4557

20/05/20

08:16

Post #: 44715864
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Originally posted by LNC-Link: ↑

I will only lose money when I sell. I have voted down the FAR proposals.

I invested in FAR management and the Senegal oil kitchen and its plays and the potential to take it to production as promised.

Now I am only invested in the Senegal oil kitchen and its plays with the hope there could be some favorable outcome including a change in management.

Current management are now lacking regardless of Coronavirus and current oil prices. The mentality at the top(CN) is determined and has shown great ability to manage discoveries but thats where it appears to end. The PE debacle has focused the spotlight on the many weaknesses of the current management in so many ways with regards to the abilities to manage simple partnership building strategies especially consensus and risk.

Far put together their finance team years and years ago to work as a part of the JV finance team. It was an exciting time.

What went wrong is obvious in hindsight and because we NEVER were given much information we NEVER got to go along for the ride with regards to the intricacies of taking on one of your biggest JV partners in a lawsuit.

IN HINDSIGHT, we now get to see it was a monumental C@#K up because now the veil has come off. The contract was old and did not cater for PE on a company. Therefor we fought our partner (you know, the one that could/would put JV finance together) on the basis of "the vibe" that could possibly occur in modern contractual JV arrangements.

We did all of that at the very same time we were sitting at the same table attempting to arrange finance within a JV FINANCE COMMITTEE.
Just in case you missed that point Zacma.....WE had our own FINANCE TEAM years ago that would take regular meetings with the other JV FINANCE TEAMS in which they would regularly meet to discuss and build FINANCE REQUIREMENTS with the aim to create a JV FINANCE SCHEME. This was way before pre FEED.

If you can wrap your head around that concept you will get to understand why I am pi@#$d off no end.

It doesnt take a rocket scientist to work out what would be going on in the WPL boardroom as they clearly understood that the joint operating agreement didnt allow for PE of a company and that FAR were gunning for them based on "the Vibe" of the agreement based on what occurs in todays style of agreement. At the very same time WPL JV finance team are reporting back to WPL board about the ongoing costs and abilities of the JV members as the project passes through the stages up to FEED. I believe that Peter Coleman was correct in his statements regarding the fact that PE was hindering the progress of the development including the production plans and JV finance. FID delayed.

WPL had the cash, FAR had the dream. Far also had a dagger.

And all the while we, the small fish funders of FAR, were never given an adequate look in to see the solid basis (" the vibe") that was being used to attack our partners during a critical juncture of the development of the largest oil field discovery of 2014.

The buck stops at the top. Monumental C#@K up doesn't begin to adequately describe this RISK ASSESSMENT clusterf#@K!

Expand

CNE and WPL lodged an exploitation plan that was supposed to be approved by end of 2018.
IF arbitration was going to cause problems with contracts and finance don't you think they would have known that before lodging the first exploitation plan?

The only thing that changed after the exploitation 1 plan was lodged was WPL became operator and viola you suddenly have a 12 month delay and a 40% price hike.

FAR Price at posting: 1.6¢ Sentiment: Hold Disclosure: Held
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