I disagree.
FAR in this latest Ann seem to have ceased claiming that they are unaware of Government approval and have not triggered arbitration. They failed to dispute the notification within 30 days. IMO they were in error trying to PE the share sale because the COP Senegal BVshares were not owned by the JV.
My reading of the Senegal model JOA and multiple articles on PE in a complex transactions such as a takeover clearly indicates that only the JV asset itself is subject to PE. FAR thought they could PE the whole share sale transaction but they were wrong, they wanted the same terms as WPL for the complete transaction.
FAR are saving face by saying they would win the legal battle but that they choose not to fight. They might fight COP later if they feel like it etc i.e. They know they would lose.
It's good news, page-4
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