I like to thank Mr Perry for sharing. Going by Mr Perry's post,
"Only received advice from Senegalese government that the PE rights is a matter for FAR to sort out with COP (so I assume that petrosen has waivered its PE rights?"
I take this to be the be the "statement" that FAR was waiting on from the Senegal gov't, thus we can proceed with the arbitration if COP still does not response to a request for a meeting. The fact that they do not want to meet tells me enough. If I am in the right, I'll want to get that sort of thing out of the way. However, that still does not define the situation, does that definitively require a Senegal govt "Stamp".
"Cath reckons cost of arbitration is approx a million and engaged Dallas lawyers."
That really is chicken feed.
"Both FAR and Senegalese government have written to COP regarding PE rights and COP have ignored letters and approaches to discuss. (COP attitude is bloody amazing !)"
Yes, but now that Senegal gov't have virtually given the go ahead, they may change their mind about talking. "Bloody amazing" is right and I can add a few other adjectives as well. The thing is if it is in French court, they'll probably think twice before fronting up. Now, would WPL like to be in this uncertainty??
WPL could very well ask for a redemption, although I don't think they like the idea of losing SNE now an upgrade is on the way.
KKW
FAR Price at posting:
8.2¢ Sentiment: Hold Disclosure: Held
(20min delay)