As duly reported in prior public statements by ConocoPhillips and Woodside, ConocoPhillips has confirmed to FAR Ltd (ASX:FAR) that it has a right of pre-emption over the proposed sale of ConocoPhillips interests in Senegal to Woodside Petroleum Limited.
FAR has advised 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.
FAR looks forward to updating the market when the pre-emption timetable has been finalised.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23082016/far-reports-proposed-conditional-sale-of-conocophillips-interest-in-senegal/