The PE time machine

Hi folks, as PE seems to be back in vogue on HC and we are now roughly 7 months into the process that could conclude on Monday or in two years time, I thought I would go back through the various ASX announcements and see what has and hasn't played out since each of the various announcements, as I generally like to deal with facts and statements, I have picked out the pieces of interest.

14/7/2016 - WPL
"The acquisition includes the option for Woodside to operate the future development of any resource." WPL seem to have been transitioning to operatorship for quite a while now and is conflicted with a later ASX announcement by FAR as you will see later in this post.

23/8/2016 - FAR
"FAR advises that, in its opinion, and as supported by legal advice, ConocoPhillips has failed to comply with the terms of the Joint Operating Agreement in relation to the proposed sale of its interests in the Senegal project. As a consequence FAR believes that the pre-emption period has not yet commenced. FAR has advised ConocoPhillips of this and both parties have been urged by the Government of Senegal to reach an amicable solution on this matter. FAR has also advised the Government of Senegal that it will participate in prompt efforts to reach an amicable solution to this matter."
This indicates FAR sought legal advice on the matter early on and that this legal advice supported FAR's position, hopefully the lawyer knew what they were talking about. What we do know is that the parties were not able to reach an amicable solution to the matter as directed by the Senegal Gov, was this because COP just walked away and tried to wash its hands? It does appear FAR are still on good terms with the Senegal Gov.


31/10/2016 - FAR
"As previously reported to the ASX, FAR believes a valid pre-emptive rights notice has not been issued to the JV partners by COP and, FAR has invoked its right to resolve this dispute in accordance with the Joint Operating Agreement. FAR is not aware that the Government has advised COP of its approval of the transaction.  FAR continues to reserve its rights."
I haven't seen anything concrete that COP has received formal approval of the transaction, the ministerial arrette issued to WPL did not mention COP's side of the issue/transaction was ok from memory.


8/6/2017 - WPL
"Woodside has been advised by FAR Limited (‘FAR’) that it will not support arrangements for Woodside to undertake development works as Development Lead of the SNE oil field, offshore Senegal, at this time. Development Lead is an important step in the transition to Woodside assuming Operatorship."
Appears FAR will be able to block WPL from become operator until the field is fully developed and starts pumping oil??

8/6/2017 - FAR
"Woodside has stated that it is transitioning to the role of Operator of the Joint Venture. However, there is no Joint Venture agreement for this to occur. The Joint Venture has not received any notification that the Government of Senegal has approved the transfer of interest to Woodside."
This statement by FAR is in stark contrast to WPL's assertion it has a right/option to transtition to operator.

Unknown date but I believe PC has said both of the following on the record 'You cant PE a company' and when referring to if the SNE deal fell through 'we would pick ourselves up and move on to the next thing'.
Now I see some people say that the egg will never be unscrambled (I also doubt this will happen) but why on earth did PC not just say the deal was set in stone and couldn't be undone, unless he believes there is a chance the egg could be unscrambled.

For the record I was a WPL holder before I was a FAR holder and whilst I bought into FAR for reasons other than PE, I do see PE as a potential catalyst. However I do not use PE as any part of valuations for FAR as I am conservative and I dont value things when you cannot accurately quantify the likelihood of success and the reward of success, particularly on somethings as debatable/unknown as PE.


DYOR