Ann: Arbitration Decision, page-136

Tail firmly between my legs today - I bought into FAR's narrative on PE rights, so apologies for my posts being so wrong.

No PE rights as WPL bought COP's subsidiary (all of it's shares) - what a stunning slap in the face for FAR.

So COP's PE notice was invalid after all - as was an unnecessary!

Absolutely makes a joke of PE rights - may as well extinguish the whole concept out of JOA's completely.

All O & G companies use subsidiaries to hold licence assets (Even micro cap PCL has a Namibia subsidiary).

Just sell your subsidiary or even part of it & PE rights circumvented.

Silver lining - CNE's stake is also held in a subsidiary (Capricorn Senegal Ltd) so no fear of PE rights on sell down & thus their stake is now more attractive/valuable to a potential buyer thanks to the ICC decision.

https://www.cairnenergy.com/media/2116/crnp-27473-senegal-brochure-may-2017-english-web.pdf

I hope CNE sell all/part of their 40% soon so we have a look through value of FAR's 15%.

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