Ann: Response to Woodside Senegal Announcement, page-43

Good evening DB an rasta b wit u an al forces a horticulture

We be sittin roun da camfire toastin da little rodenty tings again. me b enjoayin da change ah diet fra da chummity burgers.

Excellency Jackson an holiness b in roaasting good form. Recently appointedady ambassdor ta da holy trinity an also knight a malta an syracuse. Unfortuneeeataly der not b much dancin - girls bein still in exile at moulin rouge
fo da time bein only hopefulness. Daisy still b wantin ta meet da mr zippermon da friendly modereeeator, multibaggerymon an holder a da sharities in da FARtie ting.

Doctah! we b da visions ah hopefulness an spleandour an don da reasearchities an we b holdin on an b kings a all God's glory.

An

Interview with his highness was paused at that point.

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As someone said a little earlier (referencing @Kfann) , COP removed their contingent liability statement on this matter some time back. And WPL's position (note the deemed Senegal govt. acceptance) is:

As noted in Woodside’s Q4 2016 report and our ASX announcement dated 31 October 2016, Woodside’s acquisition of 100% of the shares in ConocoPhillips Senegal BV completed in October 2016. In completing this transaction, Woodside has complied with the terms of the applicable joint operating agreement, the Production Sharing Contract (‘PSC’) and Senegalese law.

Under the terms of the Senegalese law and the PSC, the Government of Senegal had the authority to review the technical and financial qualifications of a proposed buyer and had 60 days from being informed of the sale to raise objections. This timeframe passed with no objections.


I think that WPL's problem is that if the PE notice/process was not properly given then they cannot rely on the deemed acceptance as there would, in such circumstance, be NO agreement for the govt to consider. In the meantime, perhaps their warranty from COP has expired. Surely WPL wouldn't have got that so wrong?. I reckon that this is where it sits au moment. So someone has a big headache coming on (WPL and/or COP) and it will have to be resolved.

My guess? FAR will get some kind of concession out of this and the JV (CNE, WPL, FAR, Pet will sally forth.

It will be interesting to see it all play out. And I pray that I will still be alive when it does

Finally. to all those who say that FAR should do this that or the other (e.g. go to arbitration now), the board are not comprised of idiots. Do you not think that they ponder their options (no - not their incentives in this instance) very very carefully?

I'm happy to hang in.