Ann: Sangomar Working Interest Change, page-166

Unlike PhilW's optimistic cash outlook after any sale it looks extremely dire to me what FAR will end up with after any sale.
With USD 123m in cash calls due by the end of the year for FAR the longer this process goes on the less they will recoup for any sale.
FAR will owe WPL/CNE and Petrosen back monies from defaulting by the time any deal will be struck, which will have to be paid out of any sale price.
I agree that WPL and Petrosen will PE any FAR sale to protect their monies owed by FAR defaulting as FAR have already been served notice.
WPL and Petrosen will be happy to be the only partners in the J/V with a view in a few years time to sell a percentage at a higher price to the entrant of choice if desired.
IMO the Senegal government would be sick of CNE and FAR's lack of commitment in the project and will now be working very closely with WPL to bring this robust project to production and the last thing they would like is FAR selling to another dud company or a company that does not suit WPL and Petrosen.
With Kosmos still trying to flog some of its asset, that tells me the appetite for deep water expense is still not there unless one has deep pockets.

Any buyer that FAR sells to after WPL gazumping Lukoil will be well aware of history repeating especially if they are pushing for a lower sell price because of FAR being in default.
A buyer will want FAR to clear its default or be asking for a considerable discount.

With no PE from FAR it tells me management has never had a backer ever and what was told to the faithful was untrue.
The major shareholders in FAR look like they have also lost confidence in management as Meridian and AG failed to support the company.
IMO its as dire as it can get and will expect a change in management once the dust settles.