Woodside results presentation, page-66

Hi All

Someone earlier today mentioned The Chef had urged them to read between the lines of Cairn's comments on Senegal. I can't find the post, so apologies to the poster, but I did as The Chef suggested and believe he must be referring to Simon Thomson's answer to the question on whether the low price paid to COP by WPL would impose a ceiling price for the foreseeable future.

Thomson's reply is classic Yes Minister and IMO supports the theory that COP and WPL have tried to pull a swiftly. He said: "There were specific circumstances for that transaction, the way it was structured, so I can't comment any more on that."

What specific circumstances? The desire to shaft FAR and ensure WPL got the full 35% ?

That makes me highly suspicious of CNE's enthusiastic endorsement of WPL's pending entry into the JV. CNE is not pre-empting and yet clearly knows the ins and outs of the COP/WPL deal. Thomson also speaks as if WPL's entry is a fait accompli.

And why can't he comment further on a matter - the market price accorded to SNE resource - that is material to his own company's value?

This whole business has a distinct whiff of collusion about it. Yes, I'm a conspiracy theorist and could well be barking up the wrong tree - again - but it seems to me FAR's 'partners' are playing dirty pool. Phillip has talked of bastardry afoot: Is this transcript the smoking gun?

Phillip?

OOO