My take on it is that a "change of control" event cannot validly be notified until it has actually happened i.e. completion of the sale of shares. The notifying Party can only be COP Senegal BV who is the the party to the JOA and the only one that would be recognised by the Senegal Govt as giving valid notices.
So the starters gun has been fired with the "actual" change of control (completion) and notifications sent to all JV parties who have a right of PE at the same price - for all of it or a share I am not sure as CNE would also be interested in picking up a share cheaply and sitting on it for a future monetising event. Maybe even Petrosen on behalf of the Senegalese people - now that would be politically astute with elections looming
Now the fun begins but I am happy to take advantage of shorted prices as the JV agreements have a sensible and coherent process for resolution of disputes - one just has to take a patient position (i.e. not a day traders view) as the process plays through which would complete in about 90 days.
Not sure what price the shooters will have to pay for the position they have shorted or if the party that has lent them the stock asks for it back !!
Now who has lent them the stock to be able to short such volumes ???
I have been in this for a few years now so another 90 days is not going to make much difference in the true value of the oil discoveries.
FAR Price at posting:
7.0¢ Sentiment: Buy Disclosure: Held
(20min delay)