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It has been a long haul, may be clear air now could be a good...

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    It has been a long haul, may be clear air now could be a good thing.

    From 2017 Annual Report
    The attractive opportunity that presented
    itself when our partner in the Senegal joint
    venture, ConocoPhillips, agreed to sell
    its 35% share at a price of approximately
    US$2.20/bbl of 2C resource to Woodside
    Energy at a price that was surprisingly
    low remains more so in today’s market.
    The sale triggered the rights of partners
    to pre-empt and, given ConocoPhillips
    refused FAR access to all the required
    information to evaluate the opportunity to
    pre-empt within the allotted timeframe,
    FAR issued ConocoPhillips with a dispute
    notice pursuant to the terms of the Joint
    Operating Agreement. This dispute was
    not resolved amicably and in June, FAR
    commenced arbitration proceedings in
    the International Court of Arbitration to
    bring the matter to resolution. We have
    received much shareholder enquiry about
    the progress of the ICC case and at this
    time, report that the tribunal is awaiting
    the appointment of the Chair, after which
    proceedings can commence. The ICC has
    a policy of concluding arbitration cases
    in under 6 months so we are hopeful of
    resolution before the end of the year
    and will release material information
    regarding the case as it comes to light.
    I am satisfied that we have positioned
    ourselves comprehensively from a
    strategic standpoint and feel confident
    of our position going forward as we seek
    declaratory relief from the ICC. It is well
    worth remembering that the outcome
    of the court process will not affect FAR’s
    current rights or position.
 
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