Ann: Annual Report 2018, page-47

My interpretation of declaratory relief is like a winding back of the clock ,should Far win in the arbitration , they will be given the opportunity to buy Conoco's 35% share. That will be the award Far is seeking and it will be final because all JV participants signed the JOA that states they must abide by this arbitration ruling.

To my knowledge Far were never interested in buying a company from Conoco and should of been presented with a price for just that asset as per the PE clause in the JOA. I imagine if Petrosen had asked for the price of just the 35% of the asset without the company they would of received it.
I think Far have been treated quite shabbily by both Conoco and WPL and both these companies will now be giving some thought as to whether they could of gone about this process in a much more inclusive environment.

I believe there were at least two determinations that Far would of had prior to applying to the ICC for arbitration on their right to PE the asset.
The first being that the Government of Senegal had given their consent to do so.
The second being that Far had a company to back them and take the 35% or part thereof of the asset should they win.
The first would not of been given had the second not been in place.

Win lose or draw from this arbitration , I'am happy that Far chose to have a go. Conoco and WPL not only fobbed of Far the company but all its shareholders , and I for one like to have the opportunity of a redress of wrongs.


Good luck to all shareholders.