Ann: Proposed sale of ConocoPhillips interest in Senegal,WPL-FAR.AX, page-179

OFL8777 said

"Suing because you gave a JV partner more time to exercise a legal right they always had is a loser no matter how you look at it."

Cosmoterios said

"And in FAR's opinion (supported by legal advice it received), COP has Not supplied all the necessary information as per its Joint Operating Agreement to JV partners, pertaining to its Purchase and Sale Agreement with WPL.
As such, FAR believes the clock on its Pre-emptive Right has NOT started.
If FAR is found to be correct (which has Not been adjucated yet), then COP made an error.
If COP is found to be correct, then FAR's PE right has expired."

OldlsGold said

"Going to the Senegalese government was a masterstroke. The proper mechanism to settle this would likely have been through international arbitration, but that would have been costly and taken time. This indicates that FAR is keen on getting it taken care of quickly, as the Senegalese will put pressure on everyoe to get it settled somehow."

In the cold light of the morning sans alcohol.

Would the ball now be in COP's court
COP be difficult? Go to arbitration/court drag things out? Not likely. Even if they win incur the wrath of the Senegalese Govt whose approval they need.


Do a deal with FAR to reset clock (30 days?) or extend PE closeout, in  which case presumably would apply to all the JV partners? In which case we are sort of back to square one? Where would this leave CNE? Back in the game.
Of course this would incur the ire of WPL and possible legal action but see OFL8777 comment.

From FAR's announcement.

"FAR looks forward to updating the market when the pre-emption timetable has been finalised".

Wow this FAR down the track, all the thousands of posts since the COP WPL deal was announced and we are now waiting for a timetable.
At least I think it is now pretty safe to assume that the PE period was/is 30 days.
Think that FAR has perhaps been playing a pretty cagey game!