Article in Australian, page-33

Peter Coleman is simply saying that FAR was notified about pre-emption and had 30 days to put up a financially and competent bid.
The fact is even though FAR say they have been getting ready for this scenario for 6 months they failed to pre-empt within the 30 day period which means they didn't have enough backing or expertise to comply.

Its obvious management is out of its depth and to save some face has pulled this stunt whether at the behest of larger holders like FARJOY or just plain delusions of grandeur.

After the option fiasco management felt seemingly compelled to make a fuss over the sale for reasons unknown as they are after all a minnow in a big pond.
When all that is happening is a new partner is replacing COP it is mindboggling why FAR are taking this avenue.

Their SOI has ballooned to 4.7b by just having to keep up with paying the bills for 4 appraisals.
FAR was free carried for the first 2 discovery wells yet just keeping up with appraisals have resulted in a decrease in SP and a ballooning share register.

Now it seems even after 6 months of scouring financial markets and failing to find funding for this very scenario they now are using some technicality to stall for time to sound backers out yet again for the 35% pre-emption.
As I posted before the COP sell price would have been a surprise to FAR as FAR would have been assuming the cost of funding if this scenario eventuated would have been higher.
Now they have a price to work on raising the money so this stalling tactic is being used to re visit old ground.

Why?
Who knows.
Maybe FAR are so up themselves they think its their field.
All in my opinion of course.