re: Ann: Tangiers terminates farm-out agreeme... what I find...

re: Ann: Tangiers terminates farm-out agreeme... what I find interesting in this context is that

TPT makes it sound as if "the conditions precedent"
have been fulfilled as far as TPT's side was concerned.

TPT states that they terminated.

TPT refers to the "announcement dated 22 May, 2013".
The agreement has one paragraph dealing with that subject:
"The agreement is subject to certain conditions precedent, including FIRB approval and CWH obtaining all necessary approvals including any necessary shareholder approvals under the ASX Listing Rules and the Corporations Act and, if re-compliance with Chapters 1 and 2 of the ASX Listing Rules is required by ASX, the conditional approval by ASX to reinstate the securities of CWH to trading on terms reasonably acceptable to CWH."

That paragraph is followed by another two mentioning certainASX determinations.


In todays announcement CWH simply states :"CWH advises that the agreement with Tangiers Petroleum...has terminated following certain conditions precedent not being met."

CWH does no state who terminated.


We do not know which "conditions precedent" have not been fulfilled as we don't have a complete list of all those conditions.

The failure to fulfill those conditions could therefore - IMO - rest with either side.