Hi all,
I am a FAR holder but have great respect for WPL. The way I see it WPL have failed a couple of times to secure growth projects ( Oilsearch being one of them ), the offer to COP was opportunistic as COP was desperate to bail and reduce their mountain of debt. Because the offer was so low ball, it really has opened the door for another major oiler to get in the action via FAR.
FAR have no chance to preempt via private equity ( just dumb ), but you can bet your bottom dollar that they will try to get the likes of TOTAL to come to the party in order to get a few more benefits ( free carry drilling to production or an extra few per cent in their overall interest in the project )
With WPL having such a good balance sheet why the heck are you taking the chance to lose this project?
Why not just take FAR out, grab your 50% interest / operator and move on?
BTW that little tiddler FAR that some posters refer to, well they have found a monster and I do not believe the surface has been scratched either.
GLTA , go FAR!!!
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