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szaba_the_hut

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18/08/18

08:14

Post #: 35009195
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Originally posted by 34232 ↑

FWIIW to the new followers of this threat.

There were questions asked over on the WPL forum with respect to Govt approval.
The point being that Govt approval of the COP -WPL deal gives WPL "standing".
Approval meaning that WPL can't be "kicked out".
Below is an argument that is being used to assert that, WPL has approval.

"With respect to Senegal government approval - with a change of control Senegal has to object to the change of control or approval is deemed after the requisite time period. i.e. the lack of Senegal government objection in 2016 is approval."

Some assert that WPL has Senegalese Govt approval via the above.
The counter to this is that the "approval period". Hasn't started because the deal is in dispute. The Govt hasn't said anything except they "encourage the parties to settle their dispute" or something of the like.
Further weight is added to this by the Senegalese Govt giving explicit approval in the case of other deals.
not just failing to object.
Further, there is this supposed "Ministerial Arete" that WPl has whereby, they claim there is a "Ministerial Decree" that WPL are "participating".
And somehow this substitutes or gives WPL "standing".
Notwithstanding, nobody seems to have seen it, FAR says, I think, that it doesn't exist, and in any case any such "Ministerial Arete" has to be gazetted and so public.
Nobody it seems can find such gazetted Ministerial Arete. Would love to know where this claim came from and the basis for such? I think it is a valid question!
I think I have this mostly right, someone please correct me if not.
Going to make a great movieI

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The ministerial decree (apparently -according to the WPL announcement) re-affirms their participation rather than grants it.

COP Senegal BV, now 100% owned by WPL and renamed to Woodside Senegal BV remain as participants in the JV unless FAR can make it otherwise (via Arbitration).

Last edited by szaba_the_hut: 18/08/18

FAR Price at posting: 12.5¢ Sentiment: Hold Disclosure: Held
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AFR Articles, page-147

The Calmer Co’s Anthony Noble reflects on record breaking FY24

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AFR Articles, page-147

Top Stories

The Calmer Co’s Anthony Noble reflects on record breaking FY24

WA Nifty copper project steps closer to restart with Cyprium Metals inking $40M loan from Glencore

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Consumers cautious according to Harvey Norman, as profit slumps 35% in FY24

Lendlease sells off US east coast construction operations in latest global divestment push

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