PE Preliminaries, page-63

The preliminaries happen within the next few months and they are immensely important as they will confirm if FAR have a legitimate case to answer or not.

Before this prelimary indication is made public, it is in COP and WPL’s best interests to treat FAR with contempt, to say and do nothing. If the preliminary indication is that FAR have a Legitimate Case, COP and WPL will then have justification to lift this to another level. Either one or the other will make a move on FAR or try to force a negotiated settlement. As the likelihood increases that the final judgment will go against them they will try to shut out the final judgment by forcing an early resolution. COP and WPL will want to shut out any possibility of a third party getting there hands on their 35%. IMO

If FAR have a legitimate case the dialog between FAR and their third party backer will also intensify as the credibility of a successful result becomes more of a reality. FAR’s will want to agree and confirm all their options going forward, should they wish to exercise their PE rights.

FAR’s dialogue with Senegal will also intensify if FAR is deemed to have a legitimate case. FAR maybe encouraged by Senegal to expedite an out of court settlement, or conversely encouraged to let in a preferred third party, This is where the theory that FAR are the vehicle resides, after all let’s not forget Senegal have the last say on final approval. Also how is it possible for Senegal to approve the COP/WPL deal if FAR has had it confirmed by an independent third party that they have a legitimate case to answer.

FAR having a legitimate case will have to impact on FID as the legitimacy of the operator will be in question and the necessary government approvals outstanding.

The longer this goes on and applying logic the more I’m convinced FAR have a case and if that proves to be correct, then these are the issues that will present in the next few months
AIMHO,