It was all announced, hardly secret. COP announced in 2015 they would exit all deep water exploration. WPL and COP announced the sale in 2016 and Senegal govt did not object.
FAR wanted to PE (seemingly not a joke) so they could flip it for a few sheckles to someone with actual pockets with actual cash who apparently could not be bothered lobbing their slightly higher bid to COP in the original sales process. Then FAR had a 11th hour technical grievance with the COP PE notice and did not move on it.
FAR would have had full discovery in the arbitration. The only good is that they will have (hopefully) learned from the process.
They crashed and burned in court and destroyed even more shareholder value, WPL had done their homework and defended their shareholders value.
Now FAR did not join Cairn in the sales process. They better get a better deal than Cairn or they will again destroy more shareholder value.
Ann: Response to ASX Query Letter, page-134
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