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Cosmoterios

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06/02/18

01:08

Post #: 30839791
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Originally posted by jhmos ↑

It was during the FAR AGM Q&A. I have transcribed the following part of it from my recording.
In response to a question regarding what would happen if Woodside ended up losing out on the deal, Cath said:
"So, if we are awarded our pre-emptive rights and we elect to pre-empt (so I can't say if we would or we wouldn't, because we haven't seen the terms, that's fundamental to this whole thing). So if, hypothetically, we are awarded the right to pre-empt, and we do, then its equivalent to what we've termed 'unscrambling the egg', its a little messy and there would be a fight because Conoco Philips would have to get that 35% back from Woodside. I don't know the terms of the agreement so I don't know if there is a mechanism to do that. So this is messy."
Someone (Limb?) then said "Wonderfully so",
"Wonderfully so" agreed Cath.
In response to the suggestion that the only way forward is to go to arbitration Cath said
"So, all along we have said that we are open to some form of settlement. As I said in the slide, its typical in these situations that partners seek pre-emptive rights waivers with their partners before they sell down and we actually set that precedent when we brought Conoco Philips and Cairn into the JV. We sought a pre-emptive rights waiver from Petrosen when we brought Cairn in then we sought a pre-emptive rights waiver from Petrosen and Cairn when we brought Conoco Philips in (and we waived as well). So there is a precedent set within the JV to seek pre-emptive right waivers.
We've said all along that under the right terms and conditions we may have waived our right to pre-empt. But I think that's probably long gone now. However we are open to negotiate, we're not fools. Clearly, finding some way forward is the best option and I want to re-iterate that we don't have a problem with Woodside. They're a great company and if they ended up being the operator that would be a terrific outcome for our JV. So our problem is not at all with Woodside. They are just caught in the crossfire unfortunately."

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Well done for having recorded it.

Pretty clear what FAR management had been looking for all along.

Zacma, are you there?

This was what you suggested, more than a year ago - right?

FAR Price at posting: 8.0¢ Sentiment: None Disclosure: Not Held
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