how times have changed..., page-15

From Barry Fitzgerald in Tuesday's Australia.

I'm typing this from photo's (as doesn't seem to be available online) so please excuse any typo's.

"From the update file comes news of one of the most leveraged exposures ever to potential oil exploration success involving an ASX-listed junior is about to kick off in the waters off Senegal in West Africa. The junior involved is Cath Norman's FAR which this space mentioned back on February 11 when it was trading at 4.2 c a share. The stock has since moved on to 5.1 c a share in anticipation of .... missed a bit here...
More to the point is that the program is targeting 1.5 billion barrels (225 million net to FAR) of unrisked best-estimate prospective oil resources. The first well has an estimated potential of 900 million barrels (135 net to FAR)and is a deepwater fan play while the second is a so called shelf play that has 600 million barrels potential (90 net to FAR). FAR's share price leverage to a discovery in eiher is extreme, so the program could be worth watching. Some of the leverage is due to a discovery opening up the potential of the broader frontier offshore Senegal, To that end FAR itself reckons its three contiguous Senegalese blocks - Rufisque, Sangomar and Sangomar Deep, which cover 7490 sq km - have a combined potential of 3.58 billion barrels of oil (538 net to FAR). The proof of all that will come from the ultimate test - the drillbit. The wells will take about 45 days to reach the target zone. So we'll know soon enough."