Oz-w, Yes, FAR was prevented from PE'ing by COP, so... yes, they didn't PE, and now have a good chance of being able to do so, and acquire the 35% at the original COP sale price of $450m.
If FAR then decides to on-sell to CNOOC, Petronas, Total, BP (or WPL) at -+$1bn - $1.9bn, (giving FAR a free carry to production) then yes CNE has the opportunity to match this price.
The JV has been doing the work well with CNE as operator. WPL is likely to become the contract operator in June 2018, but with the risk of becoming a ST contract operator holding 0% of the JV stake by December 2018.
WPL Price at posting:
$32.14 Sentiment: None Disclosure: Not Held
