EGM Meeting Notes, page-5

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Brightoil

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16/01/20

23:18

Post #: 42424562
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Originally posted by Riskup: ↑

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

Expand

Thanks for the write up Risk.

Now Woodside has stated contracts inititated now with subsea amd companies. If PE is won and right to preempt. Does this meet asset stripped off Woodside but the cost of the ship is borne by woodside. Where would peter put this boat i.e in his swimming pool
FAR Price at posting: 4.2¢ Sentiment: Sell Disclosure: Held
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0 Great analysis

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EGM Meeting Notes, page-5

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EGM Meeting Notes, page-5

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