Email from Cath

Good morning all

I emailed Cath last night as I had a number of questions / concerns relating to FAR.
Cath was kind enough to respond. I will say up front that I am not going to copy and paste the email on to HC.
Some people might get annoyed at this, and my answer to that is – if you have any questions or concerns – take the trouble to email the company yourself. I am simply offering this summary in the hope that it helps answer some of the frequent / ongoing concerns. I have certainly tried my best to accurately capture that conversation and not take anything out of context.

Summary:
Cath advised that there are no mistakes in the quarterly report and that FAR had been issued with a pre-emptive rights notice by COP. Cath went on to say that this had never been in dispute, however, what is in dispute is the form of the notice. Not all of the information required for FAR to assess the pre-emptive right was provided and this is still the case. This was in response to my query to the below section of the quarterly (in bold). I queried whether this was a typo as I didn’t realise that a pre-emptive rights clause had actually been received. “As at the date of writing, there is no update for shareholders regarding FAR’s right to pre-empt the sale of the ConocoPhillips 35% share of the Senegal RSSD project via sale of the ConocoPhillips Senegal BV entity. Government approval for the sale has not been advised and FAR remains ready to consider its pre-emptive rights as provided for under the Joint Operating Agreement and the pre-emptive rights notice issued to partners by ConocoPhillips.”
I got the impression that Cairn did not want to pre-empt, however, Petrosen have not yet waived their right to pre-empt.
As per recent announcements I was advised that the Senegal Government are undertaking a process to evaluate the current situation and respond. I believe the transfer of assets (Conoco transferring Conoco B.V. to Woodside) is subject to the Senegal Governments approval.
In relation to DJ – Cath indicated that until FAR take up its option – FAR are not part of the Djiffere JV (which likely explains recent emails I received from Trace Atlantic).
I certainly got a very positive vibe from the email and I am now going to sit back, relax and wait for any future announcement to be made. I am going to ignore the trolls on HC and just wait for an outcome.

Anyway I hope this helps.
Ele.