Senegal dispute resolutions, page-3

11.4
Does the regulator (or any other Government authority) have the power to approve/disapprove mergers or other changes in control over businesses in the oil and natural gas sector, or proposed acquisitions of development assets, transportation or associated infrastructure or distribution assets? If so, what criteria and procedures are applied? How long does it typically take to obtain a decision approving or disapproving the transaction?
The holder must also submit to the prior approval of the Minister:
Any change in person or project who can newly distribute of social securities, or a change of control of the licence holder or an entity constituting the licence holder. The following must be notified: the distribution of social capital; the nationality of the majority shareholders; and the statutory provisions relating to head office and to the rights and obligations attached to social securities.
However, disposals of securities of affiliated companies will be free from notification. As for transfers of social securities to third parties, they will be subject to the approval of the Minister if they have the effect of moving into different hands twenty-five percent (25%) or more of the capital of the company.
Any guarantees or assurances on property and facilities allocated to petroleum operations.
Changes of control must be notified to the Minister in charge of Hydrocarbons. If within sixty (60) days of notification, the Minister has not notified to the licence holder the reasons for his objection to any change of control, it is deemed approved.


So COP has enacted permission from the Government for the deals approval under these guidelines.
As normal requirements.
irrespective of the little PROBLEM with Far over its right to PRE EMPT.
explains why Far approached the Government with its concerns.
Note the 60 day time line.

Kimbo