Jefferies snares $US2b SNE project mandate, page-76

Hi Mr H there is big difference in WPL taking a tilt at FAR , which has some very good assets and paying FAR off to avoid any PE issue. The latter would be seen as succuming to blackmail and would be untenable, but the former would be seen as buying a very good asset and resolving PE in one hit, it would have to be done at a premium to succeed but still a very good long-term asset IMO..PC could come out of it smelling of roses in the eyes of shareholders, he certainly wouldn't if he lost SNE...

Regardless the next 6 months are going to be very interesting, financing SNE has been the biggest obstacle for FAR and it's resolution is nigh but still totally unknown...6.2 c is looking very juicy..

At this stage Petrosen hasn't committed to backing in for another 8% of SNE and given it's other commitments with the huge gas discovery, may stick with 10%...yet another issue to be solved but it would be a bonus if FAR could retain its 15%..

Cheers Whisky