Credit Suisse presentation, page-41

I just make the point that is obvious to us who have long followed this saga, that the seemingly bargain price that WPL paid for SNE etc was actually not so cheap when COP Senegal BV, liabilities (the rig lease being the most likely possibility but there could be other liabilities), were taken into account.
This would mean that the price for the asset could be considerably higher.
As such FAR have never said that they wanted to PE only that they be given the opportunity to with all the information. Hence CN's comment above.
We just don't know what is inside COP Senegal BV, the company that WPL bought.
As We know the rig is the most obvious, however there could well have been other junk that COP packaged up in COP Senegal BV, for whatever reasons, tax being the most likely.
This all goes back to the secrecy. COP not wanting anyone to see the books, etc etc.
Hence Cath's comment, "why should COP care where the money comes from".
The inference being there are things to hide, that COP doesn't want the world to see.
Hence my comments regarding COP's "sins".
Another suggestion that has been made, is that there could have been a completely separate COP - WPL side deal elsewhere that offsets the seemingly low Senegal price. Again secret.
If FAR was allowed toto PE, it would upset whatever side deal between COP and WPL.
It's definitely all very smelly!
Irrespective of the outcome of any arbitration, during arbitration, COP will be required to show and tell all.
As much as PC may be sweating at losing Senegal, COP may also be feeling the heat.
Least it seems so far that COP knows how to keep their mouth shut.
As such I have not discounted the possibility that there could easily be a deal with COP to allow PE at the appropriate time.
Such a deal would allow COP to keep it's secrets and probably for their co-operation they my be forgiven some of their sins.
Another possible reason PC would also know that a TO isn't going to run.
Oh to be a "fly on the wall"
Machiavelli would be proud of this lot!
Most of this is old news to the FAR old timers club but their seems to be a few newbies picking up on this fascinating story.

Regards
Pom Pom brigade