Just like stand up DB - timing is critical to success. Have a...

Just like stand up DB - timing is critical to success. Have a look at the timing of various pieces of the puzzle.

FAR had a PE opportunity in the first 30 days as per WPL and COP ann.

July 2016 COP and WPL announced the proposed sale of COP Senegal BV. Deal was subject to PE rights by JV partners and Govt Approval. WPL proposed to purchase holding company shares of COP Senegal B.V. for $430M which included the upstream JV asset (35% WI) - that asset (not the holding company) was subject to PE.

FAR could PE the JV asset as per PSC and Senegal Model JOA, but are not entitled to PE the holding company that WPL was purchasing, the clock was ticking. The 30 day PE window closed with no PE from FAR but it appears they sent COP demands for supply of the confidential terms relating to the holding company sale.

Aug 2016 FAR lodge a dispute regarding notification compliance based on the fact that COP did not supply them the terms of the share sale. It appeared to be subsequent to the 30 day period if you use COP Announcement date as the "notification date " and FAR dispute Announcement as "Dispute date". Reported e-mail from Cath (if legit) says that they were not getting the same terms as WPL to buy COP Senegal B.V. (The holding company!!!?). This looks like they simply did not properly understand their PE right and missed their opportunity.

Sen govt encouraged parties to find an amicable solution - they did not dispute the notification.

WPL's PC says in upstream article regarding FAR dispute - "you cant PE a company". This was in response to FARs new dispute notification, not a comment on the original PE window that FAR missed.

COP confirmed that FAR did indeed have PE rights but that the time had expired 30 days after notification.

October COP and WPL announced completion (implying PE was not happening and Govt Approval was deemed)

October 2016 - March 2017: FAR maintain that notification did not comply , they were unaware of government approval and all in Government hands.

March 2017 Annual Report - FAR no longer claim they are unaware of government approval but reserve the right to escalate to Arbitration.

Late April 2017 . You are here