Pros & Cons, page-6

Good morning all,

I don't think we can underestimate the 15% stake of FAR. Don't forget, FAR also has 75% of DJ. CNE and COP don't.

A lot of big boys like TOTAL might be interested, TOTAL's offer for example obviously was a lot lower than that of WPL's, if there was indeed an offer or was it just talk at that stage. But their's maybe a figure based on 330 mil. They (TOTAL) are smart people, they probably thought well, let's wait and let others make a bid and if we want to proceed, we can always have the transaction blocked, go via the back door with a too good to refuse deal with FAR. So how many others were thinking like that?

I also believe that WPL was valuing SNE at 330mil which is still a good price. That 560 figure must have been known to FAR though at that stage, as the upgrade came out a few weeks later on 8th FEB. As the announcement from WPL came out after the 560 mil figure was known, they conveniently used it. How good is that? If there is a problem with FAR or CNE, they can say, well, we offer you the same valuation based on COP's deal, 2C @ 560 mil!

All just my many theories. Hope there is some sort of announcement from FAR on Monday!

KKW