Ann: Sangomar Field Development, FID and Financing Update, page-32

... unanimously gave their support for FAR to take FID for the Sangomar
field development on the basis that FAR will receive binding and committed financing term sheets for
the senior debt facility and conditional on the Operator taking their unconditional FID.

Sentence deconstruction time. Unanimously... They all agree. Off to a good start. gave their support... to take FID ... on the basis that FAR will receive... the senior debt facility... Now, is this an assumption? God help us if they are making big binding decisions on assumptions like this. Or could gave their support... on the basis... actually mean conditionally, i.e. 'we support FID assuming that we get the loan' as opposed to 'we declare FID, because the financing is a sure thing.'

I don't know much about how these things work, but I'm guessing the actual no turning back Final Investment DECISION will be made at a meeting of all JV parties. IMO we have FAR saying that once we've got the senior debt sorted, we're ready to pull the trigger when the JV gets around the table next. I would have thought conditional on the Operator taking their unconditional FID would go without saying, unless they are making a point that the Operator hasn't made their internal call yet.

Pure speculation, but I'm thinking like many others that WPL board support for FID would have to be conditional on the PE case being resolved, because before that they will have no idea exactly what their WI will be.