Ann: First phase of FEED commences on SNE development Senegal, page-150

COP/WPL could have called their bluff (if it was one) but chose not to do so. FAR have apparently done this with the approval of the Senegal government so it would seem to be more than simply didn't have funds on place (or they would have alienated them, which does not appear to be the Case). Keep in mind that FAR had advance notice from COP that they were looking for a buyer so would have had quite some time to set up a buyer in case the PE opportunity arose. The only surprise appeared to be the very low $2.20 a barrel that WPL achieved yet Far claim were not given the same opportunity/ price (why does COP care where they got their $430 million from? - Cath asked)