AGM highlights, page-4

In no particular order:

FAR is IMO seriously looking at production. Neither Chairman Nic nor CN are concerned as to how that might be funded. They say there are many options other than equity once commerciality is established.

Farm down will NOT be one of those options. Faith's very last comment was: "We are sitting on a little goldmine here and we are well aware of what we've got."

COP says there is "nothing tricky" in developing SNE - it's the type of development they would have done in the mid-80s.

As mentioned on another thread, FAR plans its own statement on commerciality for Q3. Does not expect JV DOC before early 2017.

FAR expects to end 2016 with around $30m in cash and is fully funded for all known costs including two more wells - IF they are drilled; that will be decided late May - and seismic etc.

Decision on whether to proceed with Djiferre must be made by end Q3. We would be committed to drill exploration well within three years. CN believes the money spent on seismic is "the best million bucks we've ever spent" as FAR owns 75% of a 100m barrel prospect already identified. Other prospects are possible.

FAR expects low OPs to persist well into 2017. This would continue to be a hand brake on SP but is great for our costs with Cairn predicting a further 10% fall in rig costs next year.

Upcoming events that could improve FAR's valuation include SNE4 results (now due late May), resource upgrades (which I took to include RISC), FAR's own statement on commerciality, and of course DOC itself. The Cairman said: "When you think of other oil companies eyeing us off, each of these events is important in their thinking."

There is a lot of international interest in Senegal.

FAR says don't underestimate the crap market. Chairman reckons London capital markets are closed to oil explorers and U.S. is basically as well. Some 80-90% of FAR's $60m was raised domestically, much of it from long-view instos which believe in the FAR story.

And that's pretty well the main points. Meeting was basically bereft of new news. More later.

OOO