ADR Depositary?, page-26

Guys,

I'm out of my depths here so please excuse.
Want to throw 2 Qs out there re the ADR.

Q1. The Kenya farm-in has been pushed out time after time and I remain of view that COP might be an interested JV partner with FAR so that COP can get exposure to the Kenya assets. In some way the farm-in (if i'm correct in thoughts) are in some way linked to the Senegal results. But as we know, Kenya slapped a heavy tax impost on JV. My thought at that time was that, in order to counter the tax impost associated with "sale" of part of interests in the Kenya leases' (remember Kenya did away with JV's and the Gov. decided to move forward on the O&G leases and interests by way of PSCs), it might be achievable through acquisition of a % of the company shares itself - thereby getting indirect access to the Kenya assets without having to pay the significant tax impost. Could this be the reason for the establishment of the ADR??

Q2. We know that the SP have been "kept" down for weeks on end now and trading in a certain range while a significant amount of share had been exchanged. Some posters opined today that it is accumulation. Could it be that this ongoing buying within a "controlled" price range was for purposes of the ADR? So that there is a significant block of FAR shares in the ADR???

Not sure. As I say, I'm bit out of depths with the ADR "thingy".

Cheers.