WPL Transcript, page-19

I just re listened to the audio and here is my transcript of what PC said:

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“Feedback from financiers that arbitration with FAR is creating some uncertainty in the marketplace. To be honest it is not clear to me how FAR is going to resolve this at this point.”

“The arbitration has been heard, but the ruling itself is unlikely to ah…you know, come down before the end of the year, if it does it will be very late in the year, we have a PSC that expires in early December, um any ruling that comes down after the PSC expires is part of a useless ruling anyway, so I’m actually not quite sure.”

“I slip it back to their quarters as to how they are going to solve the problem that they have caused to the joint venture.”

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"um any ruling that comes down after the PSC expires is part of a useless ruling anyway" ... WTF is he trying to say here?? ... that he isn't intending to comply with the ICC ruling?? I doubt that would go down very well with the JV members, including the government.

I think PC sounded confused and defensive, any suggestion that the ruling could be ignored is IMO bull, any suggestion that it would be nullified by the convenient timing of PSC expiry dates that 'couldn't be extended' is also bull. It has been clear to all that FAR has been wanting to get on with arbitration and COP/Woodside has been delaying and dragging it out, possibly with the hope that JV activities would somehow overtake it?

As a FAR shareholder at the time, I remember how the FAR SP tanked when the price COP (apparently) sold the asset for was announced. It actually valued FAR, CNE assets at way below what the market perceived as fair value at the time. PC bragged about getting a bargain basement price of $2.20 pb. I invested in an explorer like FAR knowing that they have taken the exploration risks and would have the right/option to acquire any JV members holdings that were sold at below fair value, COP/WPL are trying to deny me the benefit of these rights.

PC's comments on the call seemed like desperate posturing to me, wanting to trample on and ignore the legitimate rights of an ASX listed peer company with lots of Aussie retail investors is shameful behaviour IMO.