Ann: WPL:Arbitral Tribunal Rejects FAR Limited Pre-Emption Claims, page-11

Once again shareholders are left disappointed. All too common an occurrence.

Well played by Woodside for exploiting a loophole in the contract. The sad bit is that they are not the first to do so in a similar contract version. Most of us were guessing which version they were running with and it has been discussed a few times in the past that various contracts are not airtight with the wording. A case of literal vs intent and I guess it may have just been trialled using French Law but unfortunately with similar results. The literal wording has won.

It will be a hard slog for the next 4-5 years if we are not taken out and put FAR out of its misery. Some recovery for the next drill – probably can’t keep all our working interest in the Gambia anymore (don’t think we can finance that). Many will be looking for an exit point and with low purchased shares it will make it difficult for those who purchased higher to get out at a profit. Looks like a slog to production for me unless something changes for the positive in the meantime.

Will be a very interesting AGM this year.