Ann: WPL: Offshore Senegal Development Update, page-117

It is a good article. Woodside are playing for time and FAR's ability to arrange international arbitration is questionable IMHO. WPL will just ignore the arbitration. Peter Coleman plays hardball, he is saying to President Macky Sall, a geological engineer trained in Paris that WPL has the expertise and front to do what COP did not, Cairn and FAR are not big enough to do the production and plays for time.

FAR will probably break and that is reflected in the SP and the market moves of late yesterday. Cairn Energy went down to 193p down .8% overnight so the market is calling it a WPL victory.

FAR is a hold IMHO but might be a sell if the current market moves are predicting this correctly: Cairn, CNE, COP, WPL and FAR.

And where is Malcy?