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Far Provides Update On Arbitration Decision

14 Feb 2020  |  09:56:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Arbitration Decision

Far received the arbitral tribunal's award in respect of the issues heard in the arbitration against Woodside Energy Senegal. The tribunal determined that the Senegal RSSD Joint Operating Agreement does not grant to the JOA Parties a preemption right over a transaction involving a sale of shares in a JOA Party. The Tribunal has determined that Company did not have a preemption right over the 2016 sale of shares of RSSD 35% interest holder, Woodside Energy Senegal, to Woodside Energy Holdings (Senegal). The Tribunal has determined that it did not have authority to determine the consequences of a letter sent to Company in July 2016 from ConocoPhillips Petroleum Holdings advising Company of its preemption right over such sale of shares.

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