This is the key point that even I will admit I have not thought of until now.
Far management went and committed to approx $500 Million worth of contracts, without even having the loan completed. It is this kind of incompetence that no holder can afford to keep paying them for. What kinds of fools do we have running this show? Without being disrespectful, even DB cannot put forward an argument that this was warranted.
What could they have done? Stalled, requested an extension, begged pleaded, maybe not try to extort money from your JV partner would be a good idea, but no, they went gung ho, all in and bet, but not with their money, they gambled with ours. They wanted to swim with the sharks, but they were no more than amoebas.
So it is completely irrelevant whether Woodside increased the CAPEX by 10, 15 or the 40% discussed here. Far simply did not even have half of the cash available that they commit to. That, in my opinion, makes them culpable, pure and simple and if the major and retail holders together, vote to continue with this board, then we all deserve to be labelled as morally reprehensible, for allowing this incompetence to continue.
FAR Price at posting:
1.5¢ Sentiment: Sell Disclosure: Held
(20min delay)