Good thread, and good on you Tony for the purely objective approach.
I question why WPL didn't/doesn't take out FAR at the same time as making the the bid for COPs share of the lease?
Why wouldn't they have taken out both items at the same time and then have total control, simply taking FARs right to PE away. They could have offered more than the $2.2 per barrel to fAR as their value is spread across multiple assets. With managemnets options at play, correct me if I am wrong but they may have been able to buy far for around 15.cents and walked away with the whole shooting match. Why didn't they?
Phillip's PE squared conundrum, page-25
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