AGM, page-81

FAR did not take up the original PE offer in 30 days, they reserved their rights. They did not have enough information to know what 35% of SNE was worth but I have not seen the original notice so it might have been a blank piece of paper for all I know (but I doubt it). I dont think anyone ever claimed FAR did not have PE rights to the WI during the 30 days from the original notice, we are about to find out if the notice complied with the JOA. Did FAR have rights to the share sale terms? What was in the original notice? What additional info did FAR request and was that additional info really required. Lots of unknowns.

I think COP ignored FARs request because (in COPs opinion) they believed the original notice was fully compliant and had all the information required for FAR to PE the working interest.

Technically FAR's PE case has not been presented in court proceedings, A tribunal has been selected and agreed what they want to look at (TOR) - the proceedings will begin in July 2019 if nothing happens to stop it in the meanwhile.

FAR are openly talking of selling down at SNE, additional cash would be most welcome so FAR taking up the PE rights vs cash payment to drop it is not off the table at this point.

The arbitration action could potentially lead to project delays with finance, I am not sure who exactly is responsible for what delay in the process because the ICC is the opposite of tranparent. IMO delay kind of suits FAR to a point as it delays FID and cash outlay and the project is still being further derisked via FEED and Senegal govt exploitation plan approval in the meanwhile - that puts pressure on WPL to find a way to end any delay/stalemate with say for example a cash offer to FAR to waive their rights and end arbitration.

FAR could still pull off an unlikely win in court if WPL do not short circuit the process first, WPL would be rolling the dice there and if they lose that court battle then the FAR sugar daddy will need to come out of the closet and things would get very interesting at that point!