That cash is required to meet FAR's capex commitments and is...

That cash is required to meet FAR's capex commitments and is barely enough to see them through to 2021 and only then if they push payments out by 6 months which is allowed under the jv. The price jumped 20% today because FAR has indicated that they do not have any debt finance and thus is looking at its prospects aiming to preserve shareholders value over the longer term. Another words they are looking at the following which I have skeptically listed in what I think is managements preference;

1. A partial sale of it's Sangomar oil asset. Say 9-10%

2. Capital Raising (Preserving Large shareholder value over the longer term and keeping their high paying job) Hard one to pull off but if there is even a slight chance of achieving this then FAR management will definitely go this option with the backing of the major shareholders who will use the raising to average down. 50B shares at 0.08c anyone?

3. Sell the entire Sangomar Asset and blow the money on buying other oil assets (keeps them in a job)

4. Merger (No job)

5. Takeover (No Job)

Outcomes;

Option 1 - I can only see WPL as being a buyer
Option 2 - Management get straight A's for this one. Their skills at diluting the mums & dads shareholders is second to none.
Option 3 - Petronas & WPL. Petronus favourite if interested in a COP/WPL type deal.
Option 4 - Long shot. Maybe KAR or BPT
Option 5 - Petronas & Wpl. Potential bidding war and would realise the best outcome for shareholders as long as there are 2 or more companies interested.