Don't anyone feel sorry for WPL.
IF PE is reset or more correctly set with 30 days notice by whatever mechanism and if FAR and or Petrosen PE'd then WPL will be appropriately reimbursed. They will have lost nothing as they always knew the "asset" was subject to pre-emptive rights.
And besides they bought a "company", didn't they? Well they will get to keep that company, minus the "asset" that is subject to PE. In that case what WPL did with that company and its other assets/liabilities together with their offices in Dakar would be WPL's business.
Some think that time absolves all sins.
Well it's true in some cases, but in this case relatively little time has passed, despite what it seems, and if PE was actioned, then it would be a relatively simple affair, with no disruption to the SNE program.
Don't think for a minute that Senegal are beholden to WPL. Remember at this point WPL aren't even the "operator".
It is interesting to me that in all the Govt "news" etc, announcements regarding surrounding acreage, jostling for blocks, farmins etc etc, you don't see WPL name anywhere, in fact their absence is very noticeable.
The only news regarding WPL has been WPL exiting GB.
It is clear that FAR by the news is well positioned in the area. It is also clear to me at least that WPL is not.
And to make my bias absolutely clear, I will be really pissed off if WPL /COP get away with this.
For me it is PE or nothing. FAR has nothing to lose. No deals. All or nothing.
If it were to go to arbitration in a French court in Paris, I personally don't believe COP/WPL stands much of a chance.
And as I, have said before, IMO it is likely that FAR/Petrosen/Govt/COP and whoever, have already done a deal and COP will cough up at the appropriate time. The deal probably has the Senegalese Govt absolving some of COP's sins thus easing the way.
But first before the PE action, their are a few lose ends to tie up, that is before we are ready to move on PE.
In the meantime PC can watch on.
Not that he will be worried oh no, after all as he said, 'we'll just more on to the next deal.
An besides, he still has the "company" albeit, possibly minus a few "assets".
In the meantime, as said, nothing has changed, and the passing of a few more months etc, until FAR/Petrosen are ready or not as the case may be will not change anything either.
In the meantime WPL can just keep paying the bills and if PE happens WPL will be re-imbursed and have lost nothing!
In the hundred posts above, you can argue all you like, but it will not change the facts that have been clear for months, and don't think for a minute that the passing of a few short months will have changed anything either.
As said FAR is strategically, positioned and has reserved it's rights.
And if you think that is "unfair" to WPL, then boo hoo!
Try telling FAR or better still Petrosen that.
GLTA
Expand
(20min delay)