Bells note

Hi all,

Bells one pager out.  summary attached:

Highly successful offshore Senegal program points to total potentially recoverable resources of around 700Mbbls of oil but market so far fails to recognise the value of this.  The success of the offshore Senegal program in making two major high quality oil discoveries in a new frontier region ranks the outcome as one of the best for many years.  With the backdrop of a falling oil price, we do not believe the market has fully appreciated the significance and value of these discoveries.  The discoveries in the back-to-back wells, FAN-1 and SNE-1, point to combined recoverable  resources of around 700Mbbls, rivalling the huge Jubilee oil discovery in offshore Ghana by Kosmos Energy in 2007.  The offshore Senegal oil discoveries are now clearly of significance to the two major partners in the permits with FAR, Cairn Energy (40% and Operator) and ConocoPhillips (35%), which have both recently made references to them in recent reportings, indicating that even for companies of their size, they recognise their significance and will be actively pursuing their evaluation and development.  We will be revising our valuations of FAR in the light of the confirmation of the size of potentially recoverable resources in the upper zone of SNE-1.


All good really. Just ignore myopic DTers,...they really just cant help themselves.

Cheers,