AGM, page-187

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Mr.Hustler

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16/10/19

12:26

Post #: 40907750
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Originally posted by Civeng ↑

I had a detailed discussion after the AGM with the following answers to my questions.
PE
The process involves only written submissions by both parties to be presented to the ICC and this has been going on for quite some time back and forth and the original A4 sheet is now a substantial doc the contents of which are apparently quite disturbing .
We have been well and truely bent over and It appears there is something in there that effects thegovernment and they are not amused and have apparently held up approval of the exploitation plan to allow us time to sort this out . So this is serious for them to holdup the development.

Our UK legal team headed by his lordship is head of the Privy council , head QC and a specialist in this area of international law so we have the best of the best as distinct from the other party who Is not in his class ,we hope.

The PE clause in the JOA has been tested successfully recently with Apache vs ? CN told me and we have exactly the same industry PE clause so we have a legal precedent to support our claim . So we could very well have the final answer in early July . With 3 possible outcomes , maybe the cheque book may come out on the steps of the ICC or we get taken out or we get to preempt .

FAR has the funding in place to preempt the 35% which will no doubt we partially onsold at >$ 2.2 boe who knows where this could end up with Big Oil lurking . The unscrambling the egg wont be our problem probably an indemnity clause between the original seller and the purchaser reading between the lines . Would be nice to get our Capex free carried with 15,000 boe/ day over the next 30 years .

I believe we have a very strong chance of PE success or a cheque in the hand .

The Gambia . Well BP must be proud of themselves they have just picked up the latest asset round of sale of presumably the A1 block they paid $10 million and were the only tenderer . The 20% Erin holding is effectively ours just negotiating the final $ but won’t be anywhere near the latest sale . Petronas are not interested in another 10% . So hopefully all that Samo oil has ended up in Soloo .

Will follow up with

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Hi Civeng, in regards to your statement

With 3 possible outcomes , maybe the cheque book may come out on the steps of the ICC or we get taken out or we get to preempt .

Was that your opinion, or the person you talked to. In regards to on the steps, was your opinion it was before a decision or after.

Regards, Mr H

FAR Price at posting: 5.5¢ Sentiment: Buy Disclosure: Held
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