CN Q&A, page-79

Whisky et al

I agree on exercising caution. Looking back over previous releases its clear that FAR thought (wanted?) the exploration well to be on a shelf prospect which would immediately add to commerciality if over 75mbbls. Bel has been chosen by the JV to test a different (as yet untested) play type and hence has more risk than say Soliel or Sirius, with regard to the reservoir quality.

Regarding what is required for DOC and many people's expectation that DOC is imminent I note this in the 31/07/15 Quarterly report:

"The joint venture submitted a three year evaluation work program to the Government of Senegal in
early May 2015 which included the initial firm three well drilling program and a seismic survey.
This will be followed by further drilling and geological and engineering studies in order
to confirm commerciality of a development project and leading upon success to the exploitation phase under the PSC".

So unless the JV considers the results to date to be SO good that there is no question of commerciality then "further drilling and geological and engineering studies" will follow.

H