This is a very interesting development. They did not have to significantly reduce their FOGL holding to the extent that they have. In my opinion they have done it for a good reason which I am sure that we will find out about in due course. Peter Taylor and Peter Blakey are very shrewd operators who have a track record for making deals. If Woodside do not proceed in Kenya they will be in breach of their license obligations and I am sure that they will have to pay Global appropiate compensation. This will just increase the cash position that they hold even further. Perhaps RWE are ready to commit to drilling in Malta. Perhaps they are thinking of new ventures. Who knows?
It is just a question of sitting tight and watching this space. I wonder how the market in Australia will react to this news. It could present an excellent top up opportunity if the initial reaction is not good. I will not be selling one single share and I probably will buy more.
DYOR and good luck!
Cannyinvestor
sold fogl, page-4
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