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

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.