Ann: Quarterly Activities and Cashflow, page-44

FAR hold their WI in a holding company. I think its the top one?


WPL have proven there are no PE rights in a share sale so FAR could just sell all the shares in the holding company anyway and avoid PE rights if selling the whole WI.
Our best chance is getting on board with CNE.
Fact is CNE don't have the finance to fund the full project either and are way way short.
They have ~ 575 million undrawn and were looking to lift that to 1 billion but given they have been working on finance for 3 years one wonders why they don't have their dough lined up.....probably because the project is 40% dearer than they expected......Its actually double what CNE originally quoted to first oil......how dumb were they?
They have ~250 million in cash but ~100 million is from a sale.
They only have 30% of their oil hedged so are probably break even at best atm.
I don't believe they are going to have any option either eventually. They can kick the can down the road further than FAR but anyone looking to buy will be looking now whilst the prices are low, CNE won't be in a hurry and that is FAR's biggest problem, we simply don't have time.
FAR should give it to Petronas rather than default to WPL. Might get a few wells free carried in The Gambia.