DB,I think you need to check,but pretty sure, exploration final...

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Kimbo24

357 Posts.

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09/02/19

20:54

Post #: 37387474
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Originally posted by Davy Boy: ↑

@Kfann thanks for that.
I have a question. If the exploitation area is ring fenced can FAR sell what is inside of that area? My understanding is the exploration contract is terminated within this area and it becomes a separate area of exploitation.

I guess what I'm asking is could FAR sell the 13.7% inside the development area and keep the potential that may lay outside tie back?
Secondly is it fair to say unless FAR can piggy back some with CNE its unlikely we could sell 5% on its own?
My personal belief is that only someone inside the JV will buy 5% and if it were to happen is not WPL the most sensible? I think it was you that said JV votes require 65% to alter the JV agreement [ operator ]? If this is the case then WPL could potentially be voted out as operator unless they buy a %.....or are they waiting to buy CNE's share via PE? Can they do this whilst in arbitration? FAR have told me via email that there is no government approval for the sale?
Buying 5% from FAR would give WPL 37.2% enough to protect the operator status in a 65% vote?

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DB,
I think you need to check,but pretty sure, exploration final extension period is now expired on leases.
Hence, Exploitation plan, submitted to govt for approval,and no more exploration rights exist,outside of exploitation plan perimeter.
Which would then mean govt could then offer balance of leases as a new block offer to the highest bidder when it wishes to.
The new purchaser, would then have t
he same rights of renewal until their extension periods are up,etc.

Kimbo99

FAR Price at posting: 5.5¢ Sentiment: None Disclosure: Not Held
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