T/O, page-9

Prior to appraisal drilling i'm happy if someone wants to offer me $7/barrel for 15% of 1.5 billion barrels at FAR's current A3b. = $0.50. $0.50 is the most I think holders should expect. To carry the risk above 1.5 billion and $7 is too great.

At the appraisal drilling stage I think we are likely to have closer to 4 billion shares on issue, equating to $0.35, based on the equation above.

Of course sentiment will play a major roll in the risk/reward profile and hence the blue sky that we see built into the share price. But i'm more than happy to risk anything above 1.5 billion barrels and $7 in the current and expected nearer to medium term market.

I know many have said FAR is an explorer, not a producer, so Senegal should be sold down. Well exploring hasn't proved too successful for FAR. There is a reason for 3+ billion shares. Exploration is difficult and a Senegal in the hand is worth umpteen Kenya's, so move on if the opportunity is offered.