Ann: Proposed sale of ConocoPhillips interest in Senegal,WPL-FAR.AX, page-15

Couldn't agree more FSM8
Although we don't know the precise details of the pre-emption provisions it is likely:
1. the PE rights are personal to the other JV partners - no power to nominate a third party to acquire COP's interest and "clip the ticket" on the way through
2. an on-sale of the acquired interest within a short time (e.g. 1 year) would result in an uplift in the purchase price to COP, possibly to the full extent of any profit
3. COP's lawyers correctly interpreted the PE provisions and FAR's complaint of technical breach is just a stalling tactic
4. FAR is not capable of raising the purchase funds, much less funding 50% of the future costs of production
5. Senegal government will have the final say , not FAR

I am happily out of cash-strapped FAR and in to WPL.

Fisho