ConocoPhillips backs Woodside deal, page-2

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Sharkies12

316 Posts.

24/08/16

13:21

Post #: 18642585
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Originally posted by havoc ↑

Energy giant ConocoPhillips has rejected a claim by a joint venture partner which threatens to hold up a west Africa oilfields deal with Woodside.
Explorer FAR has claimed it still has a right of pre-emption over the 35 per cent stake for three blocks off Senegal which Woodside has agreed to pay $US430 million.
While FAR claims the pre-emption period has not begun, ConocoPhillips says the 30-day term has expired.
ConocoPhillips said it expected the deal to close by year-end as planned.
"None of the co-venturers elected to exercise their pre-emption right, so ConocoPhillips is continuing to progress the transition with the buyer, Woodside, by seeking approval from the Government of Senegal," a spokeswoman said.
"ConocoPhillips believes it has provided the information required in the preferential right notification, while honouring the joint operating agreement and confidentiality clauses from preceding agreements," she said.
FAR yesterday said it had legal advice that ConocoPhillips had failed to comply with the terms of the joint operating agreement in relation to the deal.
“As a consequence, FAR believes that the pre-emption period has not yet commenced,” the Melbourne-based company said.
It said the Senegal Government had urged both parties to amicably resolve the issue.
FAR holds 15 per cent of the reserves and operator Cairn Energy 40 per cent. The explorer farmed out the stakes to Cairn and ConocoPhillips.
The Senegal Government holds 10 per cent.
Woodside announced the deal last month which would enhance its interests off Senegal.

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So.........here comes the legal team!!!

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