Spoke to ME today about current situation. ME is also surprised about Shell saying no to taking up option. According to him Shell have still not finished analysing all the data, but have decided to say No anyway. The decision came directly from Shell head office in Europe(Haag). The timelines that Shell had to abide by were set by FAR as ME needed to know before the current license extension expired so that he could take appropriate action. He felt fairly comfortable that FAR would get an extension to the licence as per in the past,but as he stated nothing can be guranteed. He did say that they will be contacting the other interested parties as soon as they have the full debriefed results from Shell.
According to ME Shell wants to debrief FAR, Petrosen and the Senegal government at the same time as per the contract. He will be flying to Senegal as soon as Shell is ready to report their findings and reasons. He said that Shell to not want to upset the Senegal government as I assume they may still want to do business there in the future.
ME certainly did not think that this is the end of the road for the Senegal prospect and he is acutely aware of what is happening to the share price.
Only time will tell what will happen but I do believe he is working on another plan at the moment.
Erinne
re: shell
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