Petroleum Africa
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Tuesday, November 1, 2016
FAR Ltd., following the announcements made by ConocoPhillips (COP) and Woodside Petroleum Ltd. (WPL) in relation to the sale of COP’s Senegal assets, reiterated its position on the sale its rights of preemption.
According to FAR, the completion of the sale to WPL is subject to the rights of partners to pre-empt and Senegal government approval. It said it is not aware that the government has advised COP of its approval of the transaction.
The company said that it believes a valid pre-emptive rights notice has not been issued to the JV partners by COP and, FAR has invoked its right to resolve this dispute in accordance with the JOA between the partners in Senegal.
FAR continues to reserve its rights and will update the market of any material developments.
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