I don't buy the fact that FAR or CNE had no idea. Why do i say this? Woodside has the option to be an operator......correct me if i am wrong but isn't CNE the operator with 40 percent interest and COP is a major partner with 35 percent? SO what gives Woodside an indication that CNE will let them be an operator unless this was discussed.
Further, I keep coming back to FAR's moves in recent times - 2 CRs very close to each other. Why? cashflow issue? of course not. Change of plans due to poor results? absolutely not. Change of plans as the landscape of the project could change? absolutely. this is why many suspected TO of FAR including myself and the CRs were done to enable funding security to protect FAR's ability to still hold strength in any negotiations or future decisions regarding the project. Hence the constant emphasis that FAR is fully funded for official DOC. However, more pertinent is the breaking away from the team policy and FAR individually declaring DOC in august after the RISC update. As we have seen, FAR is valued predominantly on Senegal unlike CNE or COP. Hence, if the major's decide to be the evil siblings, they can make life very difficult for FAR. Furthether, a predator like woodside can seriously hold the cards when it comes to force TOs on small players. This is where the likes of FARJOY are critical for ST protection but also getting a good valuation to any corporate transaction. the problem I see here for LT holders is that the offer might be sub 20 c as we progress. Good for the instos that were involved in raisings as they would minimally double up. Not as lucrative for the holders who are in it above 12 c or so. Remember CN putting it iut there last year her biggest worry was a low ball to. Refer to below article - interesting points from last May 2015.
http://www.theaustralian.com.au/bus...n/news-story/c2d4ebe671247bd391b1d6967b1a906a
Personally, though i think FAR was aware of the pending transaction, i do not think FAR anticipated the panic selling or were caught out with the timing of the announcement pre RISC. Imagine if FAR comes in with 750 plus 2C and then declares commercial in August. Then experience a bid to be lobbed in pre official DOC.
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