Cairn Half Yearly highlights, page-33

Hi H

Sarcasm obviously doesn't come across in cold type.

I agree with all your positives, unfortunately though they seem lost on a market that is disinterested at best and fearful at worst. My point was that traders have successfully exploited this; no matter how good the news to date, FAR's price has either retreated or remained static. I simply expect that to continue until such time as FAR can conjure a blockbuster announcement.

... speaking of which ...

Our forum seems to have glossed over Phillip's endorsement of Whisky's speculation about big private capital riding to FAR's rescue. My take on it was that it's a big ask but is still alive.

Phillip also mentioned rampant bastardry. Seems that could refer to just two parties, one of which totally ignored the PE issue in its market announcement. We've assumed that means Cairn is out of the PE race. If that's right, then for FAR it truly is a case of Sydney (35%) or the bush (zippo). You'd have to think Cairn would in that case join WPL in trying to ensure zippo wins the race. Again, it will be interesting to see whether the analysts grill Cairn on this issue.

OOO