Petroleum Africa
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Wednesday, August 24, 2016
FAR Ltd. released a statement regarding ConocoPhillips’ sale of its stake in Senegal. According to the FAR release, ConocoPhillips has confirmed to FAR that it has the right of pre-emption over the proposed sale of the ConocoPhillips interests in Senegal to Woodside Petroleum.
FAR advises that, in its opinion, and as supported by legal advice, ConocoPhillips has failed to comply with the terms of the JOA 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 Senegalese government 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 finalized.
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