$45m Cash Call, page-26

Gridder,

Not sure abt the cash call but Cairn's HY16 report covers the cost side.

USD135mil is their Total explr budget, out of which USD80mil (net) is for Senegal program.

(Note: For 1H'16 Cairn's share of SNE 3, 4, BEL-1 was US78mil plus USD 11mil for studies & explr costs)

So 80mil /0.4 is USD 200mil gross for Senegal.

- 15% of the above is USD 30mil net expenditure for FAR
- Divide by 73c exchange rate
- Gives u ballpark expenditure of AUD 41mil. (I guess that's the rumoured cashcall figure ??)

FAR had AUD50mil in the bank Sept end.
8 mil is for outgoings for Dec qtrly,
Cash Balance : AUD 42mil.

Cairn should have notified FAR in their routine Joint Ops Meeting, when the news about hiring the Stena Drillmax etc was released.

Hope to get further clarity from FAR's qtrly by end of January & Cairn's 17th Jan Operational Update.