"One bit I did find interesting was the " snooze you lose " line."
I had a different take on PC's reply to the question asked.
IMO he was totally arrogant and dismissive of his supposed JV junior partner and WPL's position.
Obviously I am in the FAR corner and in the Pom Pom brigade.
However I believe that a wrong was done and it will be undone.
I am in the camp that agrees with the poster who believed that COP just wanted deal done at the time. Bankers breathing down their throat etc. If FAR squeals we will sort it out later!
Well it is now "later" and it is time to sort it out.
It is a "iterative process", as said, if FAR prevails I agree they will go back and pick up where the wrong was done.
I believe that is the only logical conclusion, PE reset. Clean result!
Any other result is just to fraught. How do you assess compensation etc, just a nightmare.
So it is, as we know, or at least I believe all or nothing.
Now I believe PC knows all this of course, yes WPL is not party to the proceedings, but potentially as we know, could be shown the door if FAR prevails. They exit stage left with their money plus adjustments.
So all their fancy slides, presentations, work etc, could and I believe will, just go poof! Maybe he could take the rabbit back to Perth to show the board?
So for PC to be so dismissive, and describe it as all just "noise", is arrogant and disingenuous.
He says how they have meet with the Senegalese Govt, what is that about? It is to infer that they are "endorsed".
Again completely disingenuous IMO.
They are nothing more than participating! And they had to extract that from the Senegalese.
These comments, together with comments about the development plan and "FAR risking its only asset" etc are veiled threats, at least that is how I see it.
PC is being quite dishonest I believe. Mostly dishonest with his own shareholders!
I read somewhere that about $2 of WPL's SP could be attributed to Senegal, not huge but significant.
I would love some journo to write an article in the AFR suggesting that WPL's Senegal project could just go poof in their face!
They won't of course.
All this stuff about the project being delayed, IMO is the real "noise"!
SNE seems to be a pretty std development. Big Oil could pick it up with out any fuss and proceed possibly faster than WPL is planning to.
Remember that WPL is a sprat!
It is still my opinion that the Senegalese Govt wants Big Oil.
That FAR and PE are the vehicle for the Govt to get what it wants, that is Big Oil.
But first they need three arbiters to reset PE.
Else nothing changes, WPL gets away with it, FAR loses nothing, and the Govt reluctantly has to approve the COP WPL deal.
But I am in the pom pom brigade, I don't think that is what is going to happen.
I think that the Senegalese Govt is going to get what it wants. After all it is as said "their oil".
The Arbiters, make no mistake will know all the nuances in this dispute.
They will have the "big picture".
FAR is the "vehicle"!
Notwithstanding it is likely to come down to the:
The literal vs the purposeful!
Corporate action accepted.
But nothing new really from six months ago!
Fascinating though, going to make a great book . Wouldn't miss any of this for quids!
And I have quite a few of my "quids" backing FAR.
With a few more added this week. But should have been more patient, paid 9.7 . The good Dr did better than me. Probably more patient because he has Camilla and the dancing girls to distract him, whispering in his EAR as to were!
I got a few, the Dr catching up with Whiskey, some cross trades, whatever. Pretty thin market.
The Registry is getting tighter and tighter!
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