Hi b4bmm I view FJ as a highly intelligent major shareholder....

Hi b4bmm

I view FJ as a highly intelligent major shareholder. His legal expertise, while possibly useful in these circumstances, will also 'remind him' that it could be unwise to potentially conflict his equity interest by advising the company in any professional capacity.

Hi 34232

You're absolutely spot on about the Big Oil hand. I was referring to the concurrent Non-bank, non industry bidders only. Big oil has the best chance of offering relatively simple and transparent bids. I am a little hesitant to say they are all lining up as I'd be very surprised if they hadn't all already been into COP data room and obviously hadn't place any winnable bids.

That being said, they also would have taken extreme notice of the PE and waited for someone (like WPL) to make the first move; knowing full well there would be 2 other PE opportunities with a known price.

Strategically this is a very good gambit. The majors have let it go through to the keeper (WPL) and can have a standing whack at the ball while its in the keepers glove! Never try to hit a moving target if its going to stop for you.

So Yes, it makes a lot of sense for a Total, RDS, XOM etc to have a whack. These guys would have had a watching brief on Senegal (FAR, CNE) by their corporate teams (somewhat whittled down of late) for the last year or so. But nowadays it takes quite a few large cajones for a Big Oil exec to recommend an acquisition that won't satisfy any of their bankers loan metrics (in the short/medium term) in this world of highly constrained and reducing balance sheets. We must all acknowledge that even the biggest are baulking at providing any capital that does not assist the BS in the short term.

Another thing about Big Oil is that they dont like to move quickly to timetables other than theirs and I should also point out that there are usually huge, complex corporate/political machinations going on behind the scenes that would enthrall a John le Carre reader and baffle all logic.

Isn't it just a bit interesting, for example, to observe the presence of Total in almost every single West African hydrocarbon state (despotic or otherwise) Except in the highest quality, most stable ex-French colony...Senegal?

So this'll reduce the number in the corporate beauty parade. But they'll be there. Just a matter of who and how many FAR can round up in time with sufficient head nods from the Senegalese Govt.

Simples! (not)

Cheers,