Kimbo all good stuff and no one is saying your views on the...

Kimbo all good stuff and no one is saying your views on the wording of the JOA are incorrect, remember its more of guidance than a legal doc and all the JV parties will be well up to speed with it as they use it day to day to manage the project through the exploration phase to development and first oil.  There are few surprises that come along in a well run JV of this nature that the JMC will not be aware of and have flagged up in advance by the operator.

I recall your original concept was that big oil can put pressure on FAR through the cash call that may cause a default position hence the six month reference and my point was this scenario is unlikely as yes there is a clear default position in the doc as you point out but FAR will have its funds in place before develpoment and under normal circumstances will draw down when required to meet cash calls. 

Yes things can go wrong but likely other facts rather than pressure from the opertaor.  I also made the comment that the schedule fo draw down will be well understood by all parties and will be a point of discusion at the regular JV meetings and hold few surprises that will effect one party only.  Remember the Govt will be paying their way at this point and so all will be transparent and above board. 

Regardless of what our perseptions are of the relationship between the parties and the CEO/MD etc as others have reported at a day to day operational level I am sure there will be a good working relationship otherwise we would not be as far down the road on time to deliver as we are.

Always helpful to understand the wording fo the JOA but i do not see cash call being FARs concern.  If FAR can not sort its funding out then cash calls will not make a lot of difference and TO yes one would expect an offer from someone in prior to revenue and I assume it will be higher than the current SP.  I think a sub 6c purchase was good value as all sides of the fence appear to agree its a great asset.