Hi All,
Many thanks to the others for their contributions, here are my notes from the meeting.
Cheers
Risk
- Woodside bought shares in COP entity, Entity is operator
- Woodside has effectively squeezed FAR
- Woodside has claimed only bought entity.
- JV agreement is not black and white
- Was expecting December PE decision
- First cash call end February, WPL has 2020 work plan and budget.
- No shortage of banks wanting to sub under write.
- Mezzanine, second tier lenders, won’t announce for 4 or 5 months. Mez should be easy to get
- WPL couldn’t do project finance? FAR participated in meetings for 2 years. More experience in FAR with project financing than WPL.
- Bonds will be possible closer to oil.
- Senior debt is less than 2% over libor
- 6% bond could replace debt or mez, could re-finance closer to oil.
- Sell to Total / Shell? could still be an option, but only if price is right.
- Struggling to have market recognise value, standard for this stage of resource development project.
- Risk of take over.
- Woodside has been very quiet over the last year, haven’t promoted project, banks are wondering; is the operator committed? Woodside should pipe up now.
- Modec wouldn’t lease, not rely on CNE FAR, could have done better.
- FID: no such thing as FID in JV doc, operator asking participants to take FID. (yes)
- Another Capital Raising within next 3 years? Never say never.
- WPL has been gold plating the project.
- Massive availability of capital in USA for shale.
- $11m raised from SPP
- Inherited 2002 PSC & JOA, not the best, but suited FAR.
- COP offered PE, but then tried to drive a legal wedge. Apache ruling is relevant.
- ICC tribunal, ruling to ICC Court, weeks not months.
- 2 arbitrators who are from Napoleon / civil, one who is English system.
- Right to pre empt is first request, damages in second instance. COP would have to buy shares back from WPL,
- Would do PE again, right to be heard & process.
- Timetables were all pushed back
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